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American Express Crosses Above its 10-day MA (AXP)

Published on Fri, 02/01/2013 - 12:10
By Peter Chu

Today, shares of American Express (NYSE:AXP) have advanced above their 10-day MA of $59.35 on a volume of 3.2 million shares. This may provide short-term investors a chance for a long position, as such a crossover often suggests higher prices in the near term.

American Express has overhead space with shares priced $59.93, or 7.3% below the average consensus analyst price target of $64.65. The stock should discover initial support at its 50-day moving average (MA) of $57.94 and subsequent support at its 200-day MA of $57.41.

American Express Company is a global payment and travel company. The Company's principal products and services are charge and credit payment card products and travel-related services offered to consumers and businesses around the world.

Over the past year, American Express has traded in a range of $48.90 to $61.97 and is now at $59.93, 23% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has remained constant.

By Peter Chu
pchu@fnno.com

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