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August 9 Chart of the Day - American Express

American Express (AXP) comes into focus today and was reported as the 5th largest holding in Berkshire Hathaway's top 30 investments at the end of 2022.

Despite making new all time highs (ATH) at $199.55 in February 2022 and subsequently falling to the low $130s price is essentially where it was two years ago... Chopping and trading sideways between $150 - $175 closing yesterday at $165.87.

From a price action technical analysis perspective, using Trend and Fibonacci we can determine historical price movements and see the price structure that has been created on the monthly chart as shown below.  This higher time frame viewpoint can provide a glimpse into directional assessment and potential anticipated price paths going forward for traders and investors.

Breaking it down to a weekly view can further provide more precise levels of interest and additional structure formation.  Which way it goes remains to be seen because nobody can predict with any certainty future price movement but using technical analysis we can use math and probabilities to determine future levels of interest in both directions.

So what's next?

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

Take a look at the charts and let us know what you think.  

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