- Summary:
- The Express stock price recovered from its recent losing streak in fine fashion last week. But will this bullish momentum take EXPR higher still?
The Express stock price recovered from its recent losing streak in fine fashion last week. But will this bullish momentum take EXPR higher still?
Express Inc (NYSE: EXPR) posted its first positive close this week, finishing Friday’s session at $5.79, higher by $0.11 (1.94), adding 10% in the last 2 days of the week.
The Columbus, Ohio-based apparel retailer made headlines earlier this year when it joined the WallStreetBets-fueled rally in January. In the five days following the 22nd of Jan, EXPR rocketed 1140% higher from just over $1 to almost $14.00.
Although some way from the $13.98 high of January 27th, the Express stock price still shows an impressive 555% return in 2021.
Even after the January squeeze evaporated, EXPR has experienced several, albeit less extreme, price pumps. The latest came in June when Express popped from $3.52 to $8.67 during five days of continued buying.
However, since that June 25th peak, EXPR has been trending lower and, at yesterday’s $5.01 low, had lost 42% in the previous 8 days.
Although it may be too soon to discount another spike.
EXPR price prediction
The Express stock chart looks broadly constructive. EXPR is trading above the 50, 100, and 200-day moving averages. Furthermore, the stock has been trending higher since April.
Additionally, if the positive momentum carries into today, Express could clear the horizontal band of resistance between $6.10 and $6.20. This would open the door to a return to June’s high.
Not to mention, good support is seen below the market. Firstly, the 50 DMA is visible at $4.65. Followed by significant horizontal support between $4.40 and $4.50.
Furthermore, the 100 DMA at $4.11 reinforces this robust band of support. And on that basis, as long as EXPR remains above $4.00, it should trade with a positive bias.
Although, a daily close below $4.00 would invalidate this bullish outlook and suggest the Express stock price will extend lower to the $2.80 area, where the 200 DMA at $2.76 meets the May $2.83 low.
Express stock price chart (Daily)
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