Stock of the day: JP Morgan

It’s important to start the new week of trading in a great mood. In order to do this, we’ve prepared an analysis to show you why it’s a smart choice to follow us and our work. This piece is about JP Morgan, which we mentioned back on the 21^st of July. Back on that day, we were witnessing a big bearish correction. Although the sentiment was negative, we saw a light at the end of that tunnel, which actually became an amazing trading opportunity. In the previous piece, we said:

“The price managed to defend the neckline with the false bearish breakout pattern (red). Usually, this kind of formation is a great buy signal.”

If you’ve been following us long enough, you know that we love false breakouts and in general, we treat them as very reliable trading patterns. As you may expect, this setup worked out perfectly and the price went significantly higher. We went from 149 USD to 163 USD.

Most recently, the price managed to break an important dynamic resistance (blue lines) and went further north. What’s more is that, in general, we have a very positive sentiment towards stocks (thanks to Jerome Powell). All that together allows us to think that the bullish wave will continue and the price will soon make new long-term highs.