JPM - Indicator of the larger economy
Updated
To premise this, I am a long term bull on JPM and own shares in the company.
Being so, I wish JPM will continue to go up and up but that doesn't seem to be the case.
The economy was shut down and even though it is opening up, it would not be the same as before, at least not in the short term.
If we were to just look at the recent sessions, the symmetrical triangle developed out of investors' indecision. Decreasing volume also indicates this.
JPM seems to be on the verge of a breakout but chances are the movement will probably be a massive move downward. If the lower trend line breaks or if the fed stop printing money, we might be in for a world of pain.
Pay attention to volume. If volume starts increasing, chances are we will see a large drop.
I think there will be some chances to buy in the 80-85 range.
Being so, I wish JPM will continue to go up and up but that doesn't seem to be the case.
The economy was shut down and even though it is opening up, it would not be the same as before, at least not in the short term.
If we were to just look at the recent sessions, the symmetrical triangle developed out of investors' indecision. Decreasing volume also indicates this.
JPM seems to be on the verge of a breakout but chances are the movement will probably be a massive move downward. If the lower trend line breaks or if the fed stop printing money, we might be in for a world of pain.
Pay attention to volume. If volume starts increasing, chances are we will see a large drop.
I think there will be some chances to buy in the 80-85 range.
Trade closed: target reached
Hopefully people grabbed some shares in the 80-85 range. Probably wont be back to this range for a while. Still new here and so I don't know how to update the chart, but I am anticipating a range bound for the next little while (92-98) with little deviations here and there on headlines and sentiment. No major moves until end of June to mid July. I'll probably update my next major move before then.
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