
Shares of JPMorgan Chase & Co (NYSE:) are setting up well for a run into new all-time-high territory. The stock is testing the April highs and is heading for its best close of the year. JPM began to pierce a key overhead trendline that links the March/April highs last week. Shares are gaining momentum now.
JPM is far from overbought (daily MACD) despite remaining in a narrow range just shy of the March peak. The 50-day moving average is supporting this week’s low. We believe the consolidation that began in late February set the stage for a fresh rally leg. On the downside, a close back below $152.00 would violate this week’s low, sending a clear warning sign that more sideways action is ahead.
Note: We are long JPM in some managed accounts.
You can read gary S. Morrow’s original post here.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.