March 24 - AXP

The first chart is the AXP Daily. The area below $15 acted as support around the 20^th of January and now is acting as Resistance for the last few days. Another additional resistance indicator is the downlsloping 50 MA.

Yesterday, the end-of-day short squeeze put price at the resistence area. Today AXP gapped down (as most sectors did) and made a feeble attempt (low volume) to take the previous day high. It failed at 11:30am and it failed again at 1:30pm. So as soon as I detected clear weakness (solid reversal RED candle), I decided to jump in. Volume picked up right away, so I thought this move could go to the $14 area. I took a partial at $14 and placed my stop loss for the reminder of the shares above the next bar high. AXP reached the RZ line at the end of the day, which in my mind was the ideal target, but I was really conservative with my stop loss criteria.