Diamond top to kick things off next week..
Fridays price closed above 50sma.
Once price breaks the 50 , JPM should test the
200sma on the flush at 128.
As you can see 126 is an area of High support, So I think it will be a dead cat bounce there before the next leg lower.
My fib levels are
High - 172.96
Low - 50.07
If you are wondering how I got 50 for the low, you'll have to go to your monthly chart and place a horizontal bar at 50 and then you'll see years of price action there.
The diamond top target is usually the length of the diamond once the candle breaks down like so
RSI has already lost support
How I'm going to play this ?
130p
5/26
Entry - Below 50sma
Target - 126 or 200sma
Stop loss 136
I'll cover on 126 and wait for 125 to reenter short
JPM is the XLF sector leader, I don't think this banking crisis is over, regional banks are still seeing large outflows on the top of that, this Debt ceiling situation will hurt this sector the most
Fridays price closed above 50sma.
Once price breaks the 50 , JPM should test the
200sma on the flush at 128.
As you can see 126 is an area of High support, So I think it will be a dead cat bounce there before the next leg lower.
My fib levels are
High - 172.96
Low - 50.07
If you are wondering how I got 50 for the low, you'll have to go to your monthly chart and place a horizontal bar at 50 and then you'll see years of price action there.
The diamond top target is usually the length of the diamond once the candle breaks down like so
RSI has already lost support
How I'm going to play this ?
130p
5/26
Entry - Below 50sma
Target - 126 or 200sma
Stop loss 136
I'll cover on 126 and wait for 125 to reenter short
JPM is the XLF sector leader, I don't think this banking crisis is over, regional banks are still seeing large outflows on the top of that, this Debt ceiling situation will hurt this sector the most
