November 3 Chart of the Day - JP Morgan
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JPMorgan Chase & Co. (JPM) is an American multinational financial services firm headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States and the world's largest bank by market capitalization as of 2023.
From a price action technical analysis perspective we can see on the monthly chart that price has been making a series of higher lows and lower highs and for now contained within a descending trend and an ascending trend... some may call this a wedge pattern formation.
Other than some support and resistance it doesn't look like there's much to get excited about on this chart.
Until we drop down to the weekly chart...
Here we've layered in additional tools like Fibonacci in both directions and noticed a previous wedge that price broke above, came back below, and currently testing again.
Some say that the stock could set new all time highs (ATH) in 2024 while others claim there could be more downside coming.
Reportedly, there's been heavy option action on both the $150 and $100 level.
These are things that make us go hmmmm....
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
Take a look at the charts and let us know what you think.
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