Shares of American Express Co., one of the leading American multinational companies providing payment transaction services, are moving in a corrective trend at 234.00.

On the daily chart, the price is growing within the ascending wave inside the channel with dynamic boundaries of 250.00–228.00.

On the four-hour chart, the quotes have overcome the year’s high of 229.00, and after its reverse testing, the positive dynamics may continue to the channel resistance line of 260.00.

Technical indicators are holding a buy signal: fast EMA on the Alligator indicator are above the signal line, and the AO histogram is forming corrective bars in the buy zone.

Trading tips

Long positions may be opened after the price rises and consolidates above 239.00, with the target at 255.00. Stop loss – 234.00. Implementation period: 7 days or more.

Short positions may be opened after the price declines and consolidates below 229.00, with the target at 215.00. Stop loss – 236.00.