JP-MORGAN, Moving In Massive Channel, Testing Remaining Levels!

VincePrince Updated   
NYSE:JPM   JP Morgan Chase & Co.
Hello Traders Investors And Community, welcome to this analysis where we are looking at recent events, the current price-structure, and what we can expect the next time from the famous large capitalized investment bank JP MORGAN. As it is well known that banks are not within the high performers in the stock-market nevertheless there can be some interesting trade opportunities especially in the current crisis and the possible ongoing stock-market declines where many people saying it was just the beginning which we had seen in March. With an increasing fear of new corona-restrictions and the resulting declines in the stock market out of it, the vast major market like S&P or RUSSELL currently shows some bearish pressure which will increase when important support levels do not hold, I made an analysis on this which I recommend you to see when you do not see it already when going at my account and look at the analysis, furthermore we have with JPM a stock where I detected some meaningful signals at the moment which can determine the further outcome of the stock.

As you can examine when looking at my chart is that JPM is trading in this huge huge possible bear-flag which is marked in blue in my chart where the stock already touched several times the lower and upper boundary of the channel and therefore confirming it. Technically this possible massive bear-flag is confirmed when the price crosses with a volatile and decisive move the lower boundary to the downside but before that scenario can be taken into consideration it is within a highly possible spectrum given that we see some up bounces before that happen to test the remaining resistance levels and confirm them, these will be once the Fibonacci-resistance levels you can see in my chart where the 50 % is an important and strong resistance which is also matching with previous mirror levels and furthermore the higher 23.6% resistance which is also matching with the upper boundary of this important channel and building, therefore, a coherent resistance cluster. which will be confirmed when there is bearish pressure on these levels.

Overall we have currently a strong bearish environment for the stock and although the bank may have gained good profits with short selling in the bear market decline which also other smart investors and traders did it is showing that more bearish than the bullish picture which should not be ignored in any case, as many people called for the bear market already recovered and the bull market coming back and holding on now we should not be naive because there is no substantial fundamental backing for this, besides that no technical, therefore we should be prepared for a possible bearish decline and do not take the bull moves for face value as it can still be a huge bull-trap which is showing often after another big wave to the downside comes. We will see how the overall situation develops and back up the track when a decisive scenario like the possible bearish decline sets in to profit out of upcoming possibilities in the further market environment.

In this manner, thank you for watching, support for more market insight, have a great day and all the best my friends! ;)
The eye sees only what the mind is prepared to comprehend.

Information provided is only educational and should not be used to take action in the markets.
ANALYSIS UPDATE: JPM continued with consecutive bounces within the channel in the schedule.

JPM had the potential to hold the crucial lower boundary before it continued with a major channel breakout.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.