Asset Watch
Tuesday, July 26, 2022
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?