Still in Play? Head and Shoulder Support Level. Target $74 $JPM
JP Morgan ($JPM) Weekly: $JPM appears to be topping out and finishing the 5th Elliot Wave of the supercycle. As noted in my previous post, and as well detailed in the next chart on this page, $JPM does not hold the Head and Shoulders neckline and suffers a 2% loss day. Note also the steep decline in RSI and MACD. $JPM may get some support near the $74 area, where the H&S target sits as well as a trendline support in that area. But for the near to midterm, the outlook on this stock does not look good. It should be noted that $XLF financials held it’s line and has not broken its own H&S neckline support - this is close to being negated, in fact, as it stands today.
On the $JPM Weekly closer chart below, we can see the break in the H&S neckline support and projected support area and level. Note the three peaks of RSI in consecutive declining order, along with MACD. it has since then gotten back above this level - yet to be seen if the pattern will be negated at this point. While RSI remains in a downward trend, MACD does appear to be trying to make a turn higher on the Weekly.
On the $JPM Weekly closer chart below, we can see the break in the H&S neckline support and projected support area and level. Note the three peaks of RSI in consecutive declining order, along with MACD. it has since then gotten back above this level - yet to be seen if the pattern will be negated at this point. While RSI remains in a downward trend, MACD does appear to be trying to make a turn higher on the Weekly.