JP Morgan Chase & Co. (NYSE: JPM) Potential continuation of the bearish momentum with breakdown of a bearish rising wedge should price fail to hold at the weekly lows.
1. The price has broken down a rising wedge and retested the December 2022 swing low level, which could signal for further downside should price fail to hold.
2. The price could continue to trade lower to retest the support zone at US$122.20-128.20, when calculating the target area for the rising wedge breakdown by taking the height (US$16.02) and projecting onto the breakdown point at US$140.00.
3. The support zone is also confluent with a 50% Fibonacci retracement level at US$122.44, calculated using a swing high of US$144.34 and swing low of US$100.54.
Red box = Resistance zone
Green box = Support zone
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