After checking weekly chart I think it is quite safe trade setup for assumption to retest 61$ area...
The JP Morgan (JPM) weekly chart shows the following signs: JPM from the price of $31.77 has completed a long phase until the $60 an now it makes some consolidations between $53 & $60. As you can see on the diagram it corrected until it reached the top of KUMO from where it reacted upwards. A critical day is 17.05.2014 that the company will anounce the earnings...
This reduces the likelihood that it will be broken. Stop is very close.
Weekly chart long term resistance cloud so far protects bulls....No sign of cloud penetration, weak bearish cross of Tenkan - sen and Kijun - sen on bull's territory , no kumo cloud twist yet...Curious to see retest of Kijun-sen by bulls...then... Failure to retest top at ~61$ will show signs of weakness of trend...otherwise still remain bullish
Take note of the chart:
JPM formed a beautiful bear wedge, followed by a bear flag. Look at 52, followed by 48 for support.
Looks like it is going to open just below its 200. If dip buying wait for a LOD to go vs.
The last two down days on heavy volume really bring this chart alive. The long term uptrend lines (across the lows and the lowest highs) don't bother me because obvious support levels are often broken. This is the 3rd time that JPM has formed this type of pattern (see the first quarter of 2013, and the 3rd quarter of 2013). The pattern needs downside volume to...
Crab Resistance near $60
A breakaway gap below horizontal support and 50 days average, and strong bearish divergence on RSI and MACD. The price is testing a key area now around 55.00. A break below it would confirm will probably be pretty bearsih
Shorting a stock at support, that is already oversold, is a low percentage play.
Tapering by the fed will hurt a major revenue source for the big banks. Who do you think sells the fed 85 billion a month in bonds.