JPMorgan Daily Technical Analysis | 24 October 2017
2017-10-24 07:10 am | Resource: Technical Analysis Section | No Views : 314
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
Investors took stock indices in different directions on Thursday in the Asia-Pacific stock trading session as sentiment deteriorated somewhat towards the closing bell. The Federal Reserve helped risk appetite, as yesterday it cut interest rates but also revealed a split over what comes next. Bank of Japan leaves policy unchanged, calls for revision in October as risks rise The Bank of Japan also issued a regular update and left current…
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