Trade of the Day – JP Morgan Chase & Co. (NYSE: JPM) September 15, 2023 328

Trade of the Day

JP Morgan Chase & Co. (NYSE: JPM)

(Current Price: US$149.25) – TECHNICAL BUY

Buy price: US$149.25     Stop loss: US$144.00   
Take profit 1: US$154.00     Take profit 2: US$162.00 

 

 

 

The price has showed signs of strength after finding support at the main rising wedge trendline support. The price managed to recover above the US$146 level, which was a recent horizontal support breakdown, and broke out of a short-term downtrend resistance line. The Moving Average Convergence Divergence, or MACD technical indicator, also supports the reversal in momentum from bearish to bullish with a fresh positive crossover.

Should the price continue its momentum, it could first retest the previous range support level breakdown in August at US$154, followed by a test of the rising wedge resistance at US$162, confluent with a strong horizontal resistance level formed from October 2021 to January 2022.

Expected timeline of the trade is 4-12 weeks from the date of report issuance.

This counter is available for trading on POEMS US Asian Hours, Singapore’s first platform to provide trading of US Equities during Asian Market opening hours (from 9am SGT). For more information, please click here, or scan below:

 

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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