Swing Trade Idea (AXP) – September 20, 2022
Our bearish trade for Tuesday, September 20th is American Express Company (AXP). AXP is part of the Financial Sector, which has performed at -6.76% over the last month.
AXP made a lower high around $163.50 from where it broke below a key support level of $157. As strength continues to decline, we expect some further downside with the next support level at $148. This provides a good risk/reward bearish entry.
As a close, if AXP were to trade above $158 for multiple days, this would invalidate our analysis and we would consider cutting losses on the trade. We also want to consider cutting losses on this options trade if the value of the vertical spread moves below $2.52.
