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.

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