Home > Apprentice Trader Journals > $Debbie: Where is opportunity in AXP?

$Debbie: Where is opportunity in AXP?

Yesterday, AXP broke, held, and closed above  35.60  after hovering around that  area from 10:30 until 1.00.  The breakout was tricky as AXP did not seem to have the mojo behind it that is normally does on a trending day. This trader remained cautious yesterday with AXP.

The direction is clearly up in all timeframes (daily, hrly, and 15 min. charts) and it seems we may be heading to  36.00. After closing near the top of its trading range yesterday, today could be the real side to AXP’s next run up.

A break of 34.98 (the high of day yesterday) followed by a clear “take out” of 36.00 with some momentum opens 36.40/36.50 in sight and then there is little noise until the 39.50/.60 area.

This trader is looking for a long position in AXP on a break and hold above 36.00. However, looking for that break to have momentum behind it and follow through with some conviction.

 

Profitable trading all!!

 

Debbie

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