JP Morgan Chase & Co (JPM.NYSE)

18 October 2017

Technical Summary: In our last technical analysis report on JPM on the 11/9 we highlighted that the stock was in a period of consolidation and that it would need to break resistance to make further gains on the upside (we have highlighted this consolidation phase on the chart). The stock became buyable as it cleaed this resistance over the blackline. While missing this opportunity would not have been ideal for investors the stock is in no way overextended and it is still a buy at this juncture. Traders may want to wait for the stock to retrace to its buy point and place orders on strength. But fighting for this tick is risky as the stock appears poised for further upside. Investors or traders can consider themselves wrong on this (at least on the short term) if the stock returns to consolidation.

Stock has recently moved through its consolidation period and is a buy here

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