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Rant & Rave Blog

Epic Breakdown Trendline Alert On JPMorgan Chase & Co. (NYSE:JPM)

Posted by Gareth Soloway Monday, June 13, 2016, 02:57PM ET

Read 1144 times

JPMorgan Chase & Co. (NYSE:JPM) has pulled back over the last week as yields have fallen sharply after the horrible jobs report. Always remember, after Dodd-Frank, banks are not able to make the same money they used to and must rely on loaning money. This means higher interest rates are very important for bank stocks. The lower interest rates go, the lower financial stocks will go.

 

As noted on the chart below, JPMorgan Chase is showing weakness as it has fallen into a key trendline. As long as this trendline holds, the stock is not in freefall, however, should the stock close below this line, a breakdown will occur that will take JPMorgan Chase to $59.30, then $53.00. Watch this line carefully, it is an epic level that every investor should be following.

 

When you are ready to take the exact swing trade positions that profit from the large moves in the markets, step inside the Research Center and get the action for FREE, click here. 

 

 

Gareth Soloway

Chief Market Strategist

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