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JPMorgan Daily Technical Analysis | 24 October 2017

2017-10-24 07:10 am | Resource: Technical Analysis Section | No Views : 314

JPMorgan is trading in a bullish trend forming over the 4-hour interval and the simple moving average is positively intersecting with the slow, supporting the buyers.

JPMorgan Daily Technical Analysis | 24 October 2017

In a previous report in September, we noted that the head and shoulders pattern failed and in a previous report in October we indicated that the stock is stabilizing at the top of the classical pattern, pointing out that the stock still has high targets.
Currently, the Momentum MACD is still positive but suffers from a decline in the buyers' intention of a negative technical divergence in formation and looking at the chart, a negative price behavior is seen to be breached at $ 98.74.
It is expected that, if the US bank is to breach the 99.98 level, the rise may extend to a target of $ 123.78, but in case of a break, the level of 98.74 could target 93.44.
Support: 96.66 - 93.44 - 88.58
Resistance: 100.58 - 103.61 - 105
Trend: Up

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