Our pivot point stands at 58.9.
If the upside prevails as long as 58.9 is support.
Second scenario: the downside breakout of 58.9 would call for 57.6 and 56.7.
Comment: the RSI is above 70. It could mean either that the stock is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the stock is trading above both its 20 and 50 day MA (respectively at 58.15 and 56.73). American Express is currently trading near its 52 week high reached at 61.42 on 02/05/12.
Supports and resistances:
64.3 *
63.3 **
62.5
60.79 last
59.5
58.9 **
57.6 *
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