Swing Trade Idea – (AXP) – June 11, 2020
Our bullish trade for Thursday, June 11th is AXP (American Express Co). AXP is part of the Financials Sector (XLF). XLF has experienced a 17.4% gain in the last month and its 1M trend turned bullish on May 20th.
AXP’s 1M trend turned bullish on May 18th and has recently pulled back after breaking above its 200-day MA providing a good buying opportunity. With a technical score of 7 (out of 10), AXP is a strong stock that will likely continue higher.
As a stop loss, if AXP were to trade below $101 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We would also consider cutting losses on this options trade if the value of the vertical spread moves above $5.30.
