Since price rallied from 81.60 in June this year to the recent high in July, price has been in a consolidation phase.
We saw a false breakout above the 94.47 high in July before making a recent low of 89.07 in September. This is a typical expanding flat structure according to the wave patterns.
Price has too met the minimum expectation area of 123.6 to 161.8 fib...
Long position on JPM.
1.- Big buy of market makers with a lot of volume
2.- Price on the long-term trend line for the fourth time.
3.- RSI approaching the oversale area
Goal 1; Intermediate resistance at $ 92.55
Goal 2: Roof of the range at $ 94.03
Let's wait until the price get back into the range that should happen in less than 5 days.
96.3$ is possible target of impulse wave 3.
the impulse wave #4 has several possible targets:
Lets wait for correction and first of all wait for confirmation of end the impulse wave #3
The XLF was off to the races this morning as the longer-dated maturities of the yield curve sold off, increasing the spread captured by banks who borrow-short and lend-long. In the middle of the day a key reversal occurred, setting us up for a bearish engulfing candle. This chart pattern is a rally above the previous day's high and a close below the previous...
JP Morgan Chase & Co recently achieved a double top pattern. This pattern is a significant technical signal that normally sends the stock down to a common level of support. The double top and other technical indicators are detailed below. JP Morgan Chase has been in a long term bull trend and will most likely continue after the stock drops.
When we look at...
I told you guys I couldn't afford two trades going against me. Am I worried about my WFC bull spread? A little. NOT because I think WFC is on a downward spiral BUT because I don't know if it'll get in my range in time (53ish). It won't stay down for long that I do know. I just hope it does it in time. I have a lot of trades going against me. WFC, HLF, and EBAY (I...
With the enactment of deregulation on Dodd-Frank, large banks are gapping up to a higher level. Since Trump's election, JPM has jumped almost 30% and it's gonna retest 88 so as to open the new territory.
BAC monthly chart analysis shows two things:
1) The post elections rally drove Bank of America above a major weekly structure zone (18$) that now should act as support (green box)
2) Next major structure zone is way up near 25$. Also where the price will meet the 200 months MA line and complete a bearish AB=CD pattern.
We are talking about a 10% additional...