Looking Primed for Entry

When we look at the chart of American Express (AXP), we can see that the general trend and pattern is bullish. I see higher highs and lows, and the stock is at least clearly above the 200-day simple moving average. In addition, the stock is holding above what I call a Fibonacci price cluster, or the coincidence of at least three key Fibonacci price relationships within a relatively tight range.

American Express (AXP) -- Daily Source: Dynamic Trader View Chart » View in New Window »

In the case of AmEx, at least seven price relationships are overlapping each other in the $71.86-to-$73.25 area. Now, a recent low has been made at $73.47, which is close enough....191 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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