AXP dailyAXP will be added as an Active Short trade as it has just recently broken down from a bearish rising wedge pattern, complete with negative divergences & overbought (70+ RSI) readings at the highs.  As the stock is only down about 8% off the peak and has only just recently broken below the wedge pattern, especially considering the divergences are more pronounced this time around (see previous similar pattern on chart), I’d expect the stock to ultimately exceed that 13% drop from that previous similar peak back in May 2012.

0