JP Morgan Chase & Co (JPM) has been struggling to catch a bid since October 25th, 2021. At that time, the stock traded as high as $172.96 a share. Since that pivot top, the shares have steadily pulled back and currently trade around $166.00 a share. While this decline in the stock looks to be nothing more than a normal pullback it could still decline a bit further.
Traders and investors should now watch the $162.70 area for a solid daily chart bounce area. This level is where the stock staged a solid upside reversal day on October 14th, 2021. Very often, when a stock pulls back into a strong reversal pivot it will be defended by the institutional crowd. This looks like a very solid short term swing trade level when tested.
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