I still don’t see the situation we have over JPMorgan right now
JPMorgan’s shares continue to be in force after the fall that began in January of this year 2020. This is not a good sign, although we can see how in this month of April it is trying to rebound.
At the moment that is weak, so let’s see if it finally starts to get strong or all is left of JPMorgan’s Wall Street stock.
A very important detail is to see how the average of the 40 sessions in the monthly chart is above the price. This reaffirms that the short term trend continues to be bearish.
Note that the 200-session average on the monthly chart is below JPMorgan’s stock price, which is a good sign and still leaves the long-term trend upwards.
Levels to watch for resistance and support on JPMorgan shares
I will first review the resistance to JPMorgan and the first one will be clearly placed in the 106.30 dollar per share zone. Here, we have passing in these moments the average of the 40 sessions in monthly chart.
At this moment we only see a recovery of it, it would indicate strength and could put the level of 120 dollars in the first place.
Regarding the support for JPMorgan shares, the first would be clearly above the minimums set last month, I mean March of this year 2020.
That’s over $77.30 per share. Be very careful to see a return to them and eventually lose them, as that would be a clear sign of weakness and the fall could continue to go for the $67.
If you look a little further down, above $58.15 per share, we would have the 200 session average on the monthly chart.
We should not see a return to it to lose it, as that would be a sign of much weakness and the fall could be much larger.
What does the macd indicator on JPMorgan tell us?
This indicator is cut to the bottom, but it is holding above the zero line. This is not a good sign, so we will have to follow it closely, to know when it may end up changing.
When can we buy JPMorgan stock?
To be able to look at JPMorgan shares, we should see a recovery of the average of the 40 sessions in the monthly chart or see what it is able to do over the first support zone that I mentioned before.
That way, we will have a very good control of the stop loss.
Monthly chart analyzed on JPMorgan’s shares
Next, I leave you with the analyzed graph about JPMorgan’s actions so you can see its situation much more clearly.
Translation thanks to Deepl