By David Russell
American Express (AXP) has been range-bound for months, and one investor apparently thinks that the trend will continue. The financial-service giant peaked at $46.29 yesterday, marking the fourth time since December it has failed to break above $47. During that time, it has also mostly held support around $43, but the situation could now be turning more bearish because it made a lower low this month and a lower high this week.
That could make some chart watchers conclude AXP is ready to make a push to the downside. The stock fell another 1.59 percent to $45.18 in late morning trading today.
The two most active options contracts are the January 40 calls and the October 43s, both of which were heavily sold according to our monitoring programs. The 40s traded more than 5,000 times, mostly for $7.45 to $7.55. Volume was below open interest, so the
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