One of the charts that caught my attention this weekend was $AXP as it looks to be at a very critical point here on the Daily chart. Here’s a look:
- The RSI is squatting on 50, drifting down from above
- The MACD has rolled over and has the potential to cross down
- Volume has been rising on this move down in price to end the week
- Price has fallen down back thru the upper declining Trend Line of the Wedge – back into the apex.
- The 50 day simple moving average is just below, and looks like the next magnet for price. The lower rising Trend Line wedge just happens to be intersecting there as well. Oh boy.
I will be stalking this one this week as I think we will see some of these above items get resolved. One way or the other.