Technical Analysis – JPMorgan stock extends up in very short-term; indicators show upside tone
April 13, 2020 1:26 pm
The JPMorgan stock price is finding resistance at the 104.30 barrier after the gap up that it posted on Thursday and the pullback on the three-and-a-half-year low of 76.50.
Technically, the price is trading above the red Tenkan-sen and the blue Kijun-sen lines in the daily timeframe, but the simple moving averages (SMAs) are still pointing south. However, the RSI indicator is entering the positive path, while the MACD oscillator is rising above its trigger line, approaching the zero level.
In the event of a continuation of the bullish action, traders could send the stock towards the 50.0% Fibonacci retracement level of the bearish rally from 141.00 to 76.50 at 108.86. A stronger barrier, though, could come at the 110.65 level, which coincides with the 50-day SMA since any strong violation at this point may increase bullish speculations until the 61.8% Fibo of 116.47.
In the wake of negative pressures immediate support could be seen at the 38.2% Fibonacci at 101.24 and the 98.65 inside swing top. A successful close below this level may drive the market towards the 23.6% Fibonacci at 91.90 before heading to the 82.70 bottom.
Regarding the short-term picture, the market seems to be in bullish correction mode given that the stock trades above the Ichimoku lines and the momentum indicators are sloping upwards. But as long as the bearish cross between the 50- and the 200-day SMA remains intact, there is a negative picture in the medium-term timeframe.
The JPMorgan stock price is finding resistance at the 104.30 barrier after the gap up that it posted on Thursday and the pullback on the three-and-a-half-year low of 76.50.
Technically, the price is trading above the red Tenkan-sen and the blue Kijun-sen lines in the daily timeframe, but the simple moving averages (SMAs) are still pointing south. However, the RSI indicator is entering the positive path, while the MACD oscillator is rising above its trigger line, approaching the zero level.
In the event of a continuation of the bullish action, traders could send the stock towards the 50.0% Fibonacci retracement level of the bearish rally from 141.00 to 76.50 at 108.86. A stronger barrier, though, could come at the 110.65 level, which coincides with the 50-day SMA since any strong violation at this point may increase bullish speculations until the 61.8% Fibo of 116.47.
In the wake of negative pressures immediate support could be seen at the 38.2% Fibonacci at 101.24 and the 98.65 inside swing top. A successful close below this level may drive the market towards the 23.6% Fibonacci at 91.90 before heading to the 82.70 bottom.
Regarding the short-term picture, the market seems to be in bullish correction mode given that the stock trades above the Ichimoku lines and the momentum indicators are sloping upwards. But as long as the bearish cross between the 50- and the 200-day SMA remains intact, there is a negative picture in the medium-term timeframe.
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