AXP is making higher highs and higher lows. Market is forming an upleg of a wolf wave pattern. It is expected to get support from 50% fibnacci retracement ($56) to 23.6% fibo area ($59.5). Market is also getting support by the lower pitch fork and it is expected to hit at least middle pitch fork. Current market is in a major congregation area. Look for the market opening price. If it opens higher then previous close with high volume, buy after trendline break at the price of 56.30. Minimum target is 57.80, and next target is 59.10
Monday, 9 April 2007
American Express Company (AXP)
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5 comments:
Hello,
This was a great post.
As discussed above, AXP has found solid support in 2 trading days(10th,11th). It made a spike in 55.70 area to create a buying oppurtunity on 12th and currently trading higer highs. Now market is at 57.38, closed above $1.20 from expected support zone(56). First target is at 57.80 and next is at 59.10
market closed more then $1 higer then friday closed. Today market closed at 58.53, is expected to reach 59.10 soon.
From past 2 days, AXP is consolidating at 58.80-58.10 area. 2nd target is at 59.20 and then 60.30. But at this situation, market could stay for few trading days till it gets upward momentum.
AXP is moving higher and touched 61.50 during the trading hour and and hovering near 60.95. It crossed our previous target point and hit 88.6% retracement of the past down fall from 62.50-54.17. Now, I am expecting that price will consolidate at this level.Last leg (CD)of a bullsh gartley or butterfly is expected to form here.IF C point forms here, then market could fall to 52 range to make D point. But nothing can be said b'cos market is just trending high. SO, watch now.
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