ScotianBot

The chart doesn't lie, Bullish Flag breakout for JPM?

NYSE:JPM   JPMORGAN CHASE & CO
JPM is noticeably breaking the downward blue sloping resistance of a possible bullish flag , notice on the RSI we have already seen a breakout of the pattern and a re-test of old resistance turning into new support, very bullish .

Not a big fan of JP Morgan, only for bashing Bitcoin , other than that, they have the FED in their back pocket, DON'T FIGHT THE FED, FFS!

Or, did the FED bypass banks with a digital USD?

Time will tell, but the chart is bullish , stonks only go up!

Comments

This is an astute observation. In a sense you found an anomaly-- where strength stands out, because that is a sign that there is a pending move or a change in momentum. You seemed to have found the lie-detector test--the lower volume on down days and higher volume on up day (by a significant enough factor) signal that money managers are starting to accumulate and distribute the stock in an aggressive way. I think you found a pivot point---the stock looks like nothing is happening, but as suspected (and this post confirms it) we just might see a sudden gap up.
We shall see.
+1 Reply
ScotianBot nycmary
@nycmary, nice summary, I couldn't have said it better myself.
Reply
nycmary ScotianBot
@ScotianBot and the accumulation distribution thesis makes sense especially because one way or another the stimulus package will pass in a matter of weeks--big money is not waiting to "see"-- The tenuous (and blatantly overbought) situation within the tech sector is like a flashing signal screaming for portfolio rotation--the only place to go it cyclicals and banks, money managers don't really have that many choices---Now is the time to buy into the value. Who can predict what will happen, but the dots are connecting. My horizon on JPM is very long---and this week I am focusing on the cyclicals--especially durable goods, airlines, cruises all of the laggards are going to get rotated...and if not now then when? Look anything can happen...but the logic is sound...(Perhaps...or not...the market is a funny animal)...
+1 Reply
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