As I mentioned in the last report, JPM is a weak stock, and the trajectory is against bulls. This rising wedge will break on the downside, and the stock will quickly fall toward 125 and the significant resistance level AKA BigRed. There is just not enough energy and buyers to keep this stock so high. It's game over for now. I'll give it a sell signal even though the break has not occurred, meaning entering with 50% of the position before the break happens.
The RSI has negative divergences, which is bearish.
The MACD is starting to tick lower, and with the breaking out of the pattern, it will get a big red nasty tick.
Overall, there is not much to add to the last report. The only difference now is that the stock is even weaker as it wasn't able to reach the resistance line. This almost guarantees a drop in front of us. Prepare for a short position and enjoy trading with us.
The RSI has negative divergences, which is bearish.
The MACD is starting to tick lower, and with the breaking out of the pattern, it will get a big red nasty tick.
Overall, there is not much to add to the last report. The only difference now is that the stock is even weaker as it wasn't able to reach the resistance line. This almost guarantees a drop in front of us. Prepare for a short position and enjoy trading with us.
Comment:
Horror just started. For those who follow, no worry even if this bounces a little bit this is just the beginning of the drop.
The chart will be updated when needed or ill made whole new analyses.
The chart will be updated when needed or ill made whole new analyses.
Consistency is the key of success....
XLF aka financials broke from the rising wedge. Good night.