JPM Daily Analysis

8 nov 2012

Currently located in a bullish channel, but has since broken rising trend support (black line). Three scenarios are listed. The first is an acceleration of the recent bear move down through channel support. The next is a break of the channel, a retest, and further bearish resumption. Finally, there is a good possibility that the price action finds support at the channel, and would be poised for further bullish price action, perhaps until a test of the higher rail around the $45 level (where I would be looking to take a short position)