Super League Controversy Creates a Trading Opportunity on JPM
The proposal for the formation of a new "Super League" by a breakaway group of top-tier football clubs in Europe has stirred quite the polemic over the past several hours, especially after the name of the U.S. bank JPMorgan was thrown into the controversy.
Leading clubs from England, Italy, and Spain, announced their intentions to create a new competition comprising of some of the world's richest clubs, such Manchester United, Real Madrid, Juventus, and Barcelona, which was the primary cause of the commotion.
The announcement was followed by an immediate outcry from fans denouncing the proposal, viewing it as nothing more than a cash-grabbing idea. It was later revealed that JPMorgan was to finance the Super League with more than $4 billion, helping organise it using an American-style model used in the NFL and NBA.
Account
Go Premium
Analysis
Journal
Markets
Shark Radar
Trading eBook
Mission
Search by Tag
Terms & Conditions
Risk Disclaimer
Privacy Policy
Contact us
Sign out
Profile
Settings
Subscription
Billing History
Search by Tag
Terms & Conditions
Risk Disclaimer
Privacy Policy
Contact us
Go Premium
Analysis
All
Forex
Commodities
Indices
Stocks
P&L History
Journal
Markets
Shark Radar
Trading eBook
Mission
Markets
Breakdown of the latest developments on the global exchanges
Apr 21, 2021, 8:52 AM GMT
#StockMarket
JPMorgan's Super League Gamble Backfires After Severe Outcry from Fans
JPMorgan's Super League Gamble Backfires After Severe Outcry from Fans
Chelsea Supporters Protesting the Super League.
The proposal for the formation of a new "Super League" by a breakaway group of top-tier football clubs in Europe has stirred quite the polemic over the past several hours, especially after the name of the U.S. bank JPMorgan was thrown into the controversy.
Leading clubs from England, Italy, and Spain, announced their intentions to create a new competition comprising of some of the world's richest clubs, such Manchester United, Real Madrid, Juventus, and Barcelona, which was the primary cause of the commotion.
The announcement was followed by an immediate outcry from fans denouncing the proposal, viewing it as nothing more than a cash-grabbing idea. It was later revealed that JPMorgan was to finance the Super League with more than $4 billion, helping organise it using an American-style model used in the NFL and NBA.
JPM closed yesterday's trading session with a loss of 2.21 per cent, and as can be seen on the 4H chart below, bearish pressure keeps mounting.
The price action is developing a major Descending Wedge pattern, which typically entails likely uptrend continuation. However, the latest developments could change that.
After having broken down below the 100-day MA (in blue) yesterday, the share price is currently testing the lower boundary of the Wedge. If it gets broken as well, then JPM could tumble as low as the major support level at 140.00. The latter is currently converging with the 200-day MA (in red), making it an even more prominent price level.
In contrast, the broader bullish trend could still survive, but the share price would have to rebound immediately and then break out above the upper boundary of the Wedge. In case that the price does indeed manage to complete the Wedge, it would then be able to test the all-time record resistance level at 160.00.
Leading clubs from England, Italy, and Spain, announced their intentions to create a new competition comprising of some of the world's richest clubs, such Manchester United, Real Madrid, Juventus, and Barcelona, which was the primary cause of the commotion.
The announcement was followed by an immediate outcry from fans denouncing the proposal, viewing it as nothing more than a cash-grabbing idea. It was later revealed that JPMorgan was to finance the Super League with more than $4 billion, helping organise it using an American-style model used in the NFL and NBA.
Account
Go Premium
Analysis
Journal
Markets
Shark Radar
Trading eBook
Mission
Search by Tag
Terms & Conditions
Risk Disclaimer
Privacy Policy
Contact us
Sign out
Profile
Settings
Subscription
Billing History
Search by Tag
Terms & Conditions
Risk Disclaimer
Privacy Policy
Contact us
Go Premium
Analysis
All
Forex
Commodities
Indices
Stocks
P&L History
Journal
Markets
Shark Radar
Trading eBook
Mission
Markets
Breakdown of the latest developments on the global exchanges
Apr 21, 2021, 8:52 AM GMT
#StockMarket
JPMorgan's Super League Gamble Backfires After Severe Outcry from Fans
JPMorgan's Super League Gamble Backfires After Severe Outcry from Fans
Chelsea Supporters Protesting the Super League.
The proposal for the formation of a new "Super League" by a breakaway group of top-tier football clubs in Europe has stirred quite the polemic over the past several hours, especially after the name of the U.S. bank JPMorgan was thrown into the controversy.
Leading clubs from England, Italy, and Spain, announced their intentions to create a new competition comprising of some of the world's richest clubs, such Manchester United, Real Madrid, Juventus, and Barcelona, which was the primary cause of the commotion.
The announcement was followed by an immediate outcry from fans denouncing the proposal, viewing it as nothing more than a cash-grabbing idea. It was later revealed that JPMorgan was to finance the Super League with more than $4 billion, helping organise it using an American-style model used in the NFL and NBA.
JPM closed yesterday's trading session with a loss of 2.21 per cent, and as can be seen on the 4H chart below, bearish pressure keeps mounting.
The price action is developing a major Descending Wedge pattern, which typically entails likely uptrend continuation. However, the latest developments could change that.
After having broken down below the 100-day MA (in blue) yesterday, the share price is currently testing the lower boundary of the Wedge. If it gets broken as well, then JPM could tumble as low as the major support level at 140.00. The latter is currently converging with the 200-day MA (in red), making it an even more prominent price level.
In contrast, the broader bullish trend could still survive, but the share price would have to rebound immediately and then break out above the upper boundary of the Wedge. In case that the price does indeed manage to complete the Wedge, it would then be able to test the all-time record resistance level at 160.00.