Shares of American Express Co., one of the leading US multinational companies providing payment services, are moving in a corrective trend at 166.00.

On the daily chart, the price is falling within the global ascending channel with dynamic boundaries of 185.00–150.00.

On the four-hour chart, a local Expanding formation pattern with dynamic boundaries of 180.00–161.00 is developing inside the global channel, and at the moment, the quotes are close to the support level of the range, consolidation below which will mean a high probability of further decline and reaching the support line of the global channel at the level 150.00.

Technical indicators are directed downwards: fast EMAs on the Alligator indicator are moving away from the signal line, expanding the fluctuation range, and the AO histogram is forming corrective bars in the sell zone.

Trading tips

Short positions may be opened after the price drops and consolidates below 163.00 with the target at 155.00. Stop loss – 166.00. Implementation period: 7 days or more.

Long positions may be opened after a reversal, growth, and consolidation of the price above 170.00 with the target at 178.00. Stop loss – 166.00.