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Technical Analysis – JPMorgan indicators signal bearish actions

JPMorgan 15/01/19 | EconAlerts

JPMorgan stock advances in the near-term; indicators signal bearish actions

The JPMorgan stock price is continuing last month’s rebound on the 16-month low of 91.07, touching the 101.45 resistance level. However, looking at the technical indicators, they suggest bearish actions as the price opened with a gap down in the previous sessions. The stochastic oscillator is moving lower below the overbought level, while the ROC is pointing down above the zero lines.

The 38.2% Fibonacci retracement level of the down-leg from 119.18 to 91.07, around 101.81 could be a trigger point for steeper bullish actions. Further upside pressures could attract greater attention around the 102.70 resistance level before touching the 50-day simple moving average (SMA), near 104.06. Also, more buyers could be waiting to enter the market once the price hits the 50.0% Fibonacci of 105.13.

However, if the stock reverses back to the downside, investors could stop at the 23.6% Fibonacci region of 97.71. If the price continues to drop, support could next come somewhere around the 16-month low of 91.07.

In the medium-term picture, the bounce back has failed to turn the outlook from negative to bullish as the stock needs to climb above the 61.8% Fibonacci 108.45 for stronger advances.


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Disclaimer:
This information is not considered as investment advice or investment recommendation but instead a marketing communication. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.


Source: XM

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