Oversold shares of American Express (AXP) look interesting.
For one, the AXP stock is technically oversold at support dating back to late 2022, early 2023. It’s also technically stretched on RSI, MACD, and Williams’ %R, and appears overdue for a bounce back. Two, former US SEC Chair Jay Clayton just bought about 2,000 shares for just under $144,000 last week.
Three, recent earnings were strong, with company revenues up 13% year over year to $15.4 billion, which was in line with expectations. EPS came in at $3.30, which was above expectations for $2.95. And, according to Barron’s, “The company also was optimistic about its continued ability to court younger clients. Millennial and Gen Z customers are American Express’s fastest growing demographic, with spending up 18% year over year and the group accounting for 60% of new accounts.”