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Express Stock Moves Higher On Retail Trader Interest: Technical Levels To Watch

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Express Inc. (NYSE: EXPR) shares were trading higher Tuesday after "meme stocks" started ripping higher.

Many of Reddit’s Wall Street Bets trader favorite stocks were rallying. Some of these stocks include AMC Entertainment Holdings Inc. (NYSE: AMC), Gamestop Corp. (NYSE: GME) and Context Logic Inc. (NASDAQ: WISH).

Express was up 3.86% at $7.26 at the close Tuesday.

See Related: AMC Entertainment Is Getting Hot Again: Here's What To Look For

Express Daily Chart Analysis

  • The stock looks to be breaking out of what technical traders call an ascending triangle pattern.

  • The stock trades above both the 50-day moving average (green), and the 200-day moving average (blue), indicating the stock is likely in a period of bullish sentiment.

  • Each of these moving averages may hold as a potential area of support in the future.

  • The $6.50 price level held as resistance in the past, but as the stock has broken out, this area may now hold as an area of support. The higher low trendline has held as support in the past and may continue to in the future.

  • The Relative Strength Index (RSI) has been moving upward the past few days and now sits at 70. The stock is now on the border of being overbought. There’s been more buyers in the stock recently than sellers.

exprdaily8-24-21.png
exprdaily8-24-21.png

What’s Next For Express?

Bullish traders are looking to see the stock continue to break out and push higher. Following, bulls would like to see the stock have a period of consolidation where it is able to hold its gains. The stock could see another leg up after consolidation.

Bearish traders would like to see the stock fall back below the $6.50 level and then start working lower toward the higher low trendline. If the price can break below the higher low trendline, the stock may be in for a change of trend and possibly a change in sentiment.

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