September 16 Chart of the Day - JPMorgan CHASE
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
Bank of America and JPMorgan Chase & Co Bank (JPM) have rolled out new rules to help enforce limits on the number of hours its bankers are working in an effort to crack down on overwork, according to a new report from the Wall Street Journal.
Trading about 10% below recent all time highs (ATH) we wanted to review the JPMorgan chart from a price action technical analysis perspective.
We have featured over 275 Charts of the Day since May 2023 and teach Price Action Technical Analysis Trading for FREE to traders who join our Highly Rated Trade Room.
Monthly Chart
On the monthly chart we can see that after setting its $225.48 all time high (ATH) last month price has faded back down toward previous structure.
Earlier this year price broke out and above a long term trend line and previous ATHs. Often, but not always, price may revisit the area that it broke out from for a "retest" which seemingly occurred once with respect to the trend line and could potentially occur one or more times in the future.
Weekly Chart
On the weekly chart we can see with much more clarity the fall from ATHs the past few weeks. The bulls seemingly have been attempting to make a series of higher highs and higher lows but could be in danger of dropping the ball and letting price make another lower low.
Trading around $206.05 earlier today price may be waiting for a catalyst before decisively moving in one direction or the other. The previous $172.96 ATH could be a possible downside target should price continue fading.
Only time will tell for sure what price will do next...
We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
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
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
Get the Core Price Action Trading Bundle for only $99!
Our MOST Popular and NEWEST Courses (a $1437 VALUE) - We may NEVER Offer this Bundle Again!
