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,...
200sma has been a strong resistance since the March drop. The red circles show 4 times trying to get to it.
Placing fibonacci retracement lines shows confluence with a support level (green rectangle from late June --> early July)
The 20sma crossed below the 50sma on September 27th. (Bearish signal trend model)
Also, if we close at the current price, we are...
$JPM returned from its descending resistance. Resistance should be confirmed in following weeks. Overall perspective reflects a pennant pattern. If it breaks ascending support line, next target can be 35.5. Next support test can be in a month.
JPM seems to be on the rise but its got a lot of resistance to break to the upside. Considering how weak the banking sector has been compared to other sectors. im guessing we will not break resistance. But lets wait and see.
There are a lot of different models for this, and It's hard to determine, but some of the models I have seen have the first wave forming at the first high after the covid sell-off (96.55), but I consider that cluster part of market chaos/confusion and consolidation and therefore part of the formation of wave 1, wave 1 saw the highs of 115, initially I believed,...
JP Morgan is under pressure, and rightfully so, considering they've been caught with their hand in the cookie jar, once again, ahhhh the blasphemy!
I always find it ironic when the same banks calling Bitcoin a fraud get caught for fraud or money laundering, it strengthens the argument for Bitcoin every single time.
Possible H&S breakdown, bearish cross on the...
as you can tell all financials went down today, with no reason. but from what I can see and expect is in the gap circled (white) to get filled within these next days before earnings (October 13). I think we will be hitting 105 by next week in a bullish market.
My idea on Banks coming up. For some reason i believe Banks like JP and GS will do well coming up. And believe while techs take a break possibly and even some names retreat , Financials will have to step in and save the day with MKTS. GOOD LUCK TO ALL
Picture perfect chart here.
Only 4% between following key levels:
- Support line has been tested 5 times & now coinciding with 50 dma
- Resistance line has been tested 2 times & has been coinciding with 200 dma
Daily RSI convergence confirming price action
While in the middle of those support / resistance lines, 2 major dma's, we are also stuck between the 50 &...
Happy Labour day weekend traders! Looking at banks here, BAC and JPM with Ascending triangles, possible breakout in banks. A test of the 200 SMA would be 27.28. Recent option flow, 3200 Nov $28 calls for BAC. JPM - over 5000 for Nov $110 calls. I will post some more charts later. Enjoy!