“American Express is moving in a nice rising uptrend. For the short term there’s some support at $42.50, the peak of July,” Royce Tostrams, technical analyst at Tostrams Groep said. Tostrams believes that American Express shares will break higher and continue to rise above $50, from their Wednesday closing price just above $41.
On the other hand BAC shares are currently moving sideways between $14 and $18.25, and closed just above $15 on Wednesday. “These lower price peaks suggest there’s selling pressure coming in the market,” Tostrams said.
Citi group isn’t looking any better, closing at $3.45 on Wednesday. “We’ve fallen below short-term support just above $4. Now the market is moving towards its July lows at $2.55. So I believe as the falling trend remains in tact. You have to be very, very careful with Citigroup,” Tostrams said.
We’ll be keeping a close eye on B of A and Citi, this could be a good buy but we’re not ready to jump in just yet, for now we’ll watch from the sidelines.
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