American Express – Near Perfect Technical Road Map Projects More Downside

Shares of American Express (AXP)have been following a series of reliable technical indications and pattern price objectives for the last several months. The stock broke above channel resistance in June after reaching a previous pattern price target and then rallied to a second pattern objective.

Over the last month it has been constructing a head and shoulders topping pattern above a rising neckline. In Thursday’s session it decisively breached neckline support and the intersecting 50 day moving average. This H&S pattern breakdown targets a return to the $81 area.