American Express – NYSE:AXP – SELL – Update

American Express – NYSE:AXP – SELL – Update


American Express Update

Back in August of last year we gave you the heads up that things weren't looking pretty for AXP.It's now several months on AXP is beginning to look like it's got a lot further to fall than we originally expected.

If we look at the above chart we can see that the 38% retracement from the 2009 low to the current high, is approximately $63.11 and that there is also strong support at $65.80. At this point in time it reasonable to expect that these prices will be seen in the future.

Hopefully you took our prior advice and exited AXP, if you haven't please protect yourself from further downside. If you're an aggressive trader, there are great opportunities to short this stock for great risk reward ratios.

Happy Trading!!

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