American Express (AXP) Dips After Earnings, Watch This Support Level
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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