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  • luckyone581 luckyone581 Oct 28, 2008 6:08 PM Flag

    AXP Chart Evaluation & Buy Mention

    Very impressive day in the indexes with likely follow through for tomorrow. Keep a close eye on the DOW at 9282 as that is strong resistance. A close tomorrow above 9256 could thrust the index up to the recent high at 9789. Even then, a close above that level would be a breakout above the 20-day MA and would make the 50-day MA up at 10300 a possible objective.

    With this week being an end of the month, there is likely to be a lot of window dressing happening, especially with such a bad month as it has been. It is not likely the indexes will sell off much this week.

    As far as AXP is concerned, here is my end-of-the-day comment on my message board.

    AXP had a classic reversal day today with higher highs, lower lows, and a close above yesterday's high. Such a chart formation coming in the heals of a strong and successful re-test of the support at 22.02 (today's low was 22.34) should generate further strong upside. The 26.39 level is quite pivotal as the 20-day MA as well as the most recent high close are both at that level. A close tomorrow above 26.39 would be a breakout and a strong buy signal as well. A close above that level tomorrow would thrust the stock up to the 31.94 level at least (previous intra-day high), and perhaps as high as 33.00 where the 50-day MA is at.

53.98-0.40(-0.74%)Feb 5 4:00 PMEST