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by Darius Anucauskas

Did Investors Had Enough of Chasing JP Morgan For Now?

After failing to reach the all-time high again, at 119.33, the JP Morgan Chase stock (NYSE: JPM) recently moved a bit lower. That decline was enough for JPM to break its short-term upside support line, taken from the low of March 25th. Also, yesterday, the share price closed below its key support area, near 112.90, which also adds a bit of a negative spin on the short-term outlook. For now, we will take a cautiously bearish approach and target some lower levels.

A further price-slide may lead the stock to its next potential support zone, at 111.70, marked near the high of April 12th. The stock might rebound from there, but if it struggles to overcome the 114.95 barrier, this might force the price to slide again towards the 111.70 area, a break of which could clear the path to some lower levels. This is when we will examine the 109.00 hurdle, or a bit lower, the 108.40 obstacle, marked by the peak of March 19th.

Taking a quick glance at our oscillators, both show weakening momentum, which supports the above-discussed idea. The RSI is below 50 and keeps pointing lower. The MACD, even though above zero, is now below the trigger line and also points lower.

In order to aim higher again, we would wait until we see a break above April’s high, at 117.15. This way, the stock would confirm a forthcoming higher high and more investors could join in. Such activity could increase JPM’s chances of pushing further up towards the 119.33 barrier, which is currently the all-time high, reached in February and September of 2018. If that area fails to withhold the price acceleration, a break could open a new horizon of levels, which the stock could test. One of those could be the 120.00 hurdle, or the 121.00 barrier.

JPM 4hour


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