The price of Ameriprise Financial Stock (AMP Stock) persists in the uptrend beyond the significant moving averages and is indicating bullish momentum. Moreover, the stock showed a double bottom formation near the base of $280 and pulled back from there. The price action shows that bulls continue accumulating the stock and are willing to retest the mark of $350.
The chart structure of AMP stock showed that the stock has decisively defended its support zone and bounced from there. Additionally, the bulls have firmly established their position near the $280 demand zone, which has been successfully retested in previous sessions and is now poised for a retest of the supply zone.
About AMP Stock
Spun off from American Express in 2005, Ameriprise Financial has emerged as a major player in the U.S. asset and wealth management market, with around $1.4 trillion in total assets under management and advisement at the end of 2021. Ameriprise has one of the largest branded advisor networks in the industry, and about 80% of the company’s revenue is derived from its asset and wealth management segments.
Ameriprise has reduced its exposure to insurance with the sale of its auto and home insurance business in 2019 and has discontinued the sale of its proprietary fixed annuities in 2020. Around 90% of the company’s pretax earnings are from the United States.
Daily Chart Structure of AMP Stock
On the daily charts, AMP stock trades in the bullish territory and rides the uptrend above the 20-day EMA.
At press time, AMP stock was trading at $335.08 with an intraday gain of 0.88%, showing bullishness on the charts. Moreover, the intraday trading volume was 244.775K, and the market cap was $34.908 billion.
Based on the price action, it appears that the stock is poised for a significant upward movement, with potential retests of $350 and $358 in the upcoming sessions. Buyers are actively working to sustain these levels, indicating their commitment to the stock’s upward trajectory. Moreover, the ongoing battle between buyers and sellers is intriguing, as sellers maintain a cautious stance and tighten their grip to safeguard the range.
What Technical Indicators Say
On the 4-hour chart, AMP stock showed a vertical move, leading to recovery from the strong support zone. Furthermore, the double bottom pattern’s neckline is on the verge of crossing existing near $340.
The relative strength index (RSI) curve is sliding from the overbought zone and is headed towards the neutral zone, showing profit booking in the last trading session.
The MACD indicator shows a bullish crossover and persists to form green bars on the histogram, indicating a positive outlook on the charts.
Conclusion:
Ameriprise Financial (AMP Stock) demonstrates a rebound and continues its upward momentum, extending its journey towards the supply region around $350.
Technical Levels:
Support Levels: $310
Resistance Levels: $340 and $358
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/05/amp-stock-nyse-amp-surges-targets-350-bullishly/