American Express Company (AXP) posted strong gains in recent intraday trading, benefiting from the emergence of positive signals from momentum indicators after the stock successfully worked off part of its overbought conditions. This has provided additional room for the stock to target higher resistance levels. The short-term bullish corrective trend remains firmly in control, while positive pressure continues to stem from trading above the 50-day Simple Moving Average (SMA), which acts as a dynamic support level and enhances the prospects for further gains in the near term.

Therefore, our outlook remains bullish for the stock's upcoming trading sessions, as long as it remains above the $340.00 support level. Under this scenario, the stock is expected to target its next resistance level at $369.50.

Today's price forecast: Bullish.