JPMorganc Chase (JPM) - Sell on bounceJPMorganc Chase (JPM) - it is underperforming the SPX and other financial stocks. It is in WXY complex correction as double zigzag and C of Y wave is in progress. So sell on small bounce up to 102-103.80 with stops above 105.30 for target zone below 90 or even lower as primary target. The pattern confirmed below 99.45 level. so it can traded as breakdown trade set up also.
JPM trade ideas
Ready for upward movement after pennant breakoutJPM showed relative strength during a market pullback and confirmed a pennant breakout with its close even on a down day. A rotation into banks may provide the volume this needs to see fib targets above. Safe entrance above last market open. Stop loss can be set at the fib below.
JPM to resolve. JPMorgan continues in a bearish channel with a short range between 96 and 106 dollars. We can to see a sort of triangle can to resolve bullish, but the international economic context seems to dilate the recovering of the financial sector. However, if you go to long then, clearly, this moment is an opportunity to buy and hold.
Symmetrical Triangle ABC BullishBullish Chart but find a good entry for you if you want to buy this stock. Always do your research and remember targets 2 (T2) can be a long time coming and may not come. I keep my eyes on T1 then I worry about T2. If a stock becomes overbought etc..use your trading skills. IE..I bought PCAR. The stock made it to 91.27 and it was extremely overbought. I sold it at 91 and bought it again on the pull back. PCAR did not make it to targets of 93.27 100 and 106 without becoming extremely overbought. It just depends I guess and nothing is written in stone.
It appears there is a market rotation going on. But things are not as they appear so I always tip toe as of late
Short interest low
Watch out for market volatility. There is an awful lot going on in our world right now
Targets and long entry possibilities listed on chart for both patterns.
Possible stop below 90.7
Be safe
Not a recommendation
JPM long entry with break of downtrend lineA downtrend line has been forming since pre-COVID highs forming a solid setup. Recent highs over $106 failed to break upwards, a break out of the downtrend can see targets above, with the marked fib close as the support below. Stop loss set below the lows of the most recent daily candle.
JPM Banking Recovering (Burrr Powell Printing Machine)JPM remains in uptrend channel after march sell-off recovery, if you like banks or wants to get dividends it might be a good choice.
Support area around $95, resistance around $100, a solid week above $100 or going above MA 200 is considered positive sign.
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