American Express commonly referred as AMEX is a global financial service corporation. The company has shaped the financial landscape of the USA. American Express was founded in 1850 Buffalo New York and since then it has seen exponential growth. American express has now expanded its reach and is operating in more than 100 countries.
Recently as per a report by Reuters American Express kept its annual forecast same despite users spending more through cards. Millennials and Gen Z were a fast growing market for the AMEX. Meanwhile, rising borrowing cost have led AMEX to raise its provisions for credit losses. American Express may see a growth in the upcoming in terms of revenue and profit as per the analysts.
American Express stock (AXP) has a market cap of $121.8 Billion with a strong EPS. AXP stock price has seen a drop of over 8% in the past seven days. The 52 week range of the AXP is $130 to $182. If the stock price crosses the threshold of $180 then a rally to $200 can be seen in future.
Will AXP Stock Price Observe A New High Soon?
American Express stock has been observing a consolidated trend in the weekly technical chart. Coming to the daily chart, the asset price is trading near the value of $165 with a small gain in the intraday session. The upside trend of AXE stock can see a halt near the value of $180. Meanwhile, the downside trend of the asset price can observe a bounceback from $158. AXP stock is currently in a weak bearish momentum in the daily chart. The asset price is currently trading below the 100 and above 200 Daily Moving Averages. If the asset price jumps above the 100 DMA then a strong rally to a new high can be seen in the future.
The RSI of AXP stock is near 40.97 suggesting its presence in the neutral zone. The overall sentiment of the RSI is neutral.
Summary
American Express stock price is currently in a consolidation in the daily chart. Meanwhile, the company has not increased their profit forecast despite a huge spending by their consumers. Various analysts are expecting a strong growth in the company for the near future.
Technical Levels
Major Support:$158
Major Resistance:$180
