I have not played AXP in awhile but was surprised to see yesterdays jump based on data/information that is, sketchy at best. AXP has presented a great opportunity here, technically, with the chart showing a clear sign that AXP needs to go down from here.
First, the 20 day MA is below the 50 day MA and the stock jumped past the 20 MA and touched the 50 MA. Stocks do not do this and maintain the gain. Especially stocks whose business relies on a sector that is unstable at best.
AXP should bounce off that 50 MA and back below the 20 MA within the next two days and continue its downward trend. In fact, it should steadily fall until it hits or goes below the lower Bollinger band line which is around 22 before it bounces back (if it does bounce back).
Bottom line... AXP. A great short right now.
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must be an even better short now $ 4 later ??
ReplyDeleteyes it is.
ReplyDeleteand even better today !
ReplyDeleteYes it is. I got stopped out before noon today. Very disappointed. Now that I got stopped out, it is bound to crash.
ReplyDelete