American Express - AMEX misses earnings but shares still up 2.5% in pre-market on strong guidance

Taking a look at American Express after it reported its earnings earlier today for Q4. The company has missed both its EPS and its revenue for the quarter when compared to analysts' forecasts, but its share price has still jumped higher due to strong guidance for 2024. From a technical perspective, we can see that after the huge sell-off in 2022, AMEX has now performed almost a W-shaped recovery. Its share price is less than 2% away from closing at all-time highs, which is now more likely at the US open. Based on the weekly chart, the support sits at $187.66 followed by January’s low of $177.55. Only a move below January’s low would suggest that further downside is possible. Until then, the momentum remains bullish. If a new all-time high is reached then there won’t be any resistance, potentially attracting more buyers and pushing the price higher. The technical indicators are almost-slightly overbought, but with current market sentiment, there may be little more room to go before profit-taking takes place. The MACD is still very positive with an RSI reading 67.