JP MORGAN Channel Down topped. Sell Signal.
By:TradingView
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JP Morgan Chase (JPM) has been trading within a Channel Down since its January 05 Top. Yesterday the price hit the top (Lower Highs trend-line) of this pattern and gave a strong Sell Signal.
With the 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line) having already formed a 1D Death Cross, this amplifies the sell opportunity, which can technically do another -0.382 Fibonacci test.
Since however this time the 1W MA100 (red trend-line) is in between, the Target should be that Support, and we expect it to be at $270.
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With the 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line) having already formed a 1D Death Cross, this amplifies the sell opportunity, which can technically do another -0.382 Fibonacci test.
Since however this time the 1W MA100 (red trend-line) is in between, the Target should be that Support, and we expect it to be at $270.
---
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
---
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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