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Trends & Analysis
News
Thor shares decline despite upbeat earnings
News
EUR/USD slides despite strong Germany data
News
Crude oil settles lower after surging past $82
News
S&P 500 declines despite upbeat NFP data
News
Kroger tops Q3 views amid steady grocery demand
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XPeng shares skyrocket despite sales miss

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Asset Watch

Does American Express have further upside?

 

Tuesday, July 26, 2022, 11:45am GMT

Q2 earnings season is in full swing, and market participants continue to separate the haves from the have-nots. With the bulk of S&P 500 companies reporting this week and the Fed widely expected to raise interest rates by 0.75% on Jul. 27, will American Express sidestep the potential volatility?
American Express outperformed analysts’ estimates on both the top and bottom lines on Jul. 22. Noting “continued momentum in spending from our strong customer base,” CFO Jeff Campbell said that several factors “led us to increase our expectations for full-year revenue growth to 23% to 25%, up from our original range of 18% to 20%. For now, though, our EPS guidance remains unchanged, from between $9.25 and $9.65.”

Source: TradingView

So, while the fundamental outlook remains rosy, the technicals paint a similar portrait. American Express closed above its 100-week moving average on Jul. 22. Moreover, the key level acted as resistance during rally attempts for the weeks ending on Jun. 17, 24 and Jul. 1. Also bullish, after bottoming near its January and February 2020 highs, American Express recouped its rising support line (which was resistance) drawn from the March 2020 lows.

The only caveat is that American Express closed the Jul. 22 session near its November and December 2021 and January and May 2022 lows ($152-$153). Therefore, the battle lines are drawn, and the bulls need to keep the price above $153 to maintain their momentum.

More likely than not?

 

Sources:

American Express Q2 earnings call transcript

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