Shares of JPMorgan Chase (JPM) surged again today as yields continue to rise. Higher yields are good for bank earnings. However, the spike today may have put in a near-term top. The JPMorgan Chase stock chart analysis shows a major gap fill. Gap fills are major resistance points when a stock surges up into them. The current price takes JPMorgan Chase back to highs in early 2020 before the Covid-19 market collapse. This also represents resistance. Lastly, the stock has reversed its early gains and now has a topping tail on the daily chart. Topping tails signal distribution. Distribution is where institutions sell into crazed investor buying and it pushes the stock down as they have more selling volume. It usually signals a major top in a stock.
JPMorgan Chase stock chart analysis is giving multiple signals of a pull back. Based on that I gave the alert to members to short today near the highs. We are already up about $3/share. I am looking for a pull back to at least $127.50, maybe as low as $125.o0 in the coming days.
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