Leading financial giant, JP Morgan Chase & Co (JPM), has been under some sharp selling pressure recently. The stock made an all time high on October 25th, 2021 at $172.96 a share. Since that peak the shares have steadily fallen and now trade around $152.60 a share. The stock is now trading below its important 50 and 200-day moving averages. This puts the stock in a weak technical position on the charts and often signals further downside.
The next major support level for JP Morgan Chase & Co (JPM) stock will be around the $145.00 level. This key support area is where the stock broke out in mid-February 2021. Often, when stocks backtest their prior breakout level it will serve as excellent chart support. This is simply where the institutional crowd will defend a stock. I will be waiting for this support level to be reached in order to take a long side position.
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