JPMorgan Broke Out. Now It’s Pulled Back
JPMorgan Chase began July by breaking out to new highs, and now it’s pulled back.
The first pattern on today’s chart is the May 17 close of $204.79. The banking stock consolidated above that level through July 12. Has old resistance become new support?
Next is the price zone between roughly $208 and $210, matching some highs earlier this month. Will this be a place where buyers step in?
Third, the 8-day exponential moving average (EMA) is in the same area. JPM mostly remained above this EMA during its previous run in early 2024. Trend followers may watch for similar behavior amid the current breakout.
Finally, the 50-day simple moving average (SMA) has started rising after a period of sideways movement. That could potentially reflect bullishness over the intermediate term.
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The first pattern on today’s chart is the May 17 close of $204.79. The banking stock consolidated above that level through July 12. Has old resistance become new support?
Next is the price zone between roughly $208 and $210, matching some highs earlier this month. Will this be a place where buyers step in?
Third, the 8-day exponential moving average (EMA) is in the same area. JPM mostly remained above this EMA during its previous run in early 2024. Trend followers may watch for similar behavior amid the current breakout.
Finally, the 50-day simple moving average (SMA) has started rising after a period of sideways movement. That could potentially reflect bullishness over the intermediate term.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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