JPMorgan holds the double bottom, indecisive week
JPMorgan Chase bounces 4% off double bottom, still near record highs
JPMorgan holds the double bottom, indecisive week
Our view last week
JPMorgan Chase closes the week on shakier footing: after last week's acceleration, the technical picture shows an indecisive candle with a reduced body, right up against its record highs. Earnings land this very week, on July 14, an event that can swing the stock either way. Underneath, the trend still holds: the ADX keeps rising and the RSI stays above 60, though buyers dominate the tape less than before. The residual capital on the buy signal is running at +8.58%.
This week's summary
JPMorgan Chase closes an indecisive week right up against its record highs, with only 3% of room left before the next resistance. The stock held a double bottom in the 307 area and bounced 4% off it, but underneath the surface daily money flow stays negative and buyers dominate the tape less than before. Earnings, out last week, are now behind it. The buy signal has been running for 14 weeks, with the trade up 10%.
IQS Phase
64
ordinary
Signal Strength
33
medium · weak
Sizing
REDUCED
Ranking
#99 / 112
US stocks in progress
Trade P&L %
+10.08%
from signal to today
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