American Express (AXP Stock) breakout on earnings? [Video]
|American Express earnings are coming up before the open on Thursday. The company could be poised to benefit from a rebound in travel and dining, as well as its still strong premium consumer contingent in its crucial US market. Its network volume is forecasted by Bloomberg to grow 14% from 12% in the previous quarter which could be faster than its rivals Visa and Mastercard.
Technically, American Express is consolidating into a symmetrical triangle pattern above the 100 and 200EMA on the daily chart and the seasonals are supportive for gains in the second half of August.
Is this a perfect setup for a breakout higher?
Major Trade Risks: The major trade risk here would be if American Express earnings disappoint and/or if sentiment turns negative for US stocks on more aggressive Fed hiking expectations.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.