American Express Co forms bearish "Triple Top" chart pattern
Feb 13, 2015

Trading Central has detected a "Triple Top" chart pattern formed on American Express Co (AXP:NYSE). This bearish signal indicates that the stock price may fall from the close of $78.08 to the range of $59.00 - $62.00. The pattern formed over 346 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of technical analysis.

Tells Me: The price may have hit a top and seems to be turning around to form a new downtrend

The Triple Top starts with prices moving upward followed by three sharp peaks all at about the same price level showing a test of a resistance level. Volume diminishes at each successive peak and finally bursts as the price falls below the lowest low--a decisive breach of that support level. This breakout confirms the pattern as a sign of BEARISH price reversal.

This bearish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.

Price Chart - American Express Co



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