American Express Co (AXP) is falling today after reporting earnings that failed to impress Wall Street. The popular credit card stock is trading lower by 2.6% to $117.99 a share. Traders should note that the stock is now trading below it’s important 50-day moving average. A close below this important moving average will usually indicate weakness and a further decline for the stock.
American Express Co (AXP) stock does have some solid daily chart support around the $112.00 level. This support area is where the 20 and 100-week moving average is located. Often, when two major moving averages are sitting around the same level they will serve as important support when tested. The stock also has a key gap window around the $110.00 level from November 9th, 2020. So the odds are stacking up that American Express Co (AXP) stock will be defended in this area when tested.
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