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Barchart
Barchart
Jim Van Meerten

American Express Stock Is Powering the Financial Sector to a Fresh Breakout

American Express AXP Barchart Interest Rates
  • American Express (AXP) appears to be among a set of giant financial stocks poised to benefit from the future path in interest rates. That’s how I interpret the signal that includes a fresh breakout through a significant technical resistance level, which makes AXP the Chart of the Day.
  • The stock’s near-term technical posture has reversed for the better, and dramatically so, following a breakout through the $340 area.
  • Technical indicators are shifting back to the bulls here, with another 10%-12% upside move potentially on the table this summer.
  • Having successfully defended its $288 annual support floor, AXP’s chart, and the growing momentum within the financial sector, indicate that institutional money is rotating back into premium financial names.

Today’s Featured Stock

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