Stock of the day: JPMorgan Chase

JPMorgan Chase is staging a strong recovery — and this recent price action is catching the attention of technical traders.

After a brief dip earlier in April, the price dropped below the critical $225 support level, marked in green on the chart. But that move quickly turned into a false breakout, as buyers stepped in and pushed the stock back above this level. This rebound above a major support zone is often seen as a bullish signal, particularly when it happens swiftly — and that’s exactly what we’ve seen here.

Adding to the bullish sentiment, JPMorgan has also broken a purple downtrend line, which had been capping the price since the end of March. The break above this dynamic resistance confirms a shift in short-term momentum and opens the path to higher levels.

The next technical target is the orange horizontal resistance — a zone that proved to be significant in both November and March. Given the strength of this recovery and the momentum behind the current upswing, chances of reaching this resistance are high.

Should the price close a day above this orange resistance, it would confirm a long-term buy signal and likely attract more bullish interest. Such a move would signal a full recovery from April’s dip and potentially mark the beginning of a new bullish leg.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-jpmorgan-chase