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American Express (AXP) Stock Has Yet to Bottom

NEW YORK (TheStreet) -- American Express (AXP - Get Report) topped out late last year in November and December and has remained a downward drag on the Dow Jones Industrial Average. Prices gapped lower this morning, maintaining the downtrend with a new low for the move down.

The daily chart of AXP, above, clearly shows the downtrend in the downward sloping 200-day moving average and the downtrend in the On-Balance-Volume (OBV) line. The most recent entry on the chart, on the far right hand side, shows the gap to the downside. AXP may try to hold around the $70 level, but after the triple top formation last year, as seen in the chart below, it is going to take a considerable period of time for AXP to bottom.

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