HomeContributorsTechnical AnalysisJPMorgan's Stock Advances To The Highest Since Early 2020

JPMorgan’s Stock Advances To The Highest Since Early 2020

JPMorgan Chase & Co stock has made considerable progress towards its 2019 record highs over the past two months, printing its latest peak slightly below the 133.00 mark on Wednesday.

The market, however, seems to be sailing in overbought waters according to the RSI, which is set to meet a key resistance area above 70. Hence, some stabilization around the 133.00 number, where the price action stalled several times in early 2020, is possible. If the rally extends beyond that barrier, the 135.75 level could next add downside pressures before all attention turns to the key zone of 138.78 – 141.00.

Alternatively, a pullback may retest the 128.75 support, a break of which may trigger a new bearish wave towards the 123.80 barrier and the 20-day exponential moving average (EMA). Another step lower from here would put the upward pattern under examination.

Summarizing, JPMorgan’s stock continues to favor the bulls in the short-term picture, though some consolidation cannot be ruled out as the price is fluctuating near a familiar barrier and within the overbought area.

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