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JP Morgan Chase & Co - (JPM) - July 18, 2023

Boosted by a positive response to its recent earnings beat, JPMorgan Chase (JPM) has climbed up out of the yellow zone (which was as far as it fell in the winter banking crisis) and back into the Green Favored Zone of the SIA S&P 100 Index Report for the first time since March. Yesterday it moved up 7 positions to 24th place and it is up 10 spots in the last month. Since bottoming out back in October, JPMorgan Chase (JPM) shares have been under renewed accumulation. This became particularly clear after a selloff in March was contained by the 200-day moving average and established a higher low. Since then, a series of higher lows formed a bullish Ascending Triangle pattern which was recently completed successfully with a breakout over $141.50. This week, the shares have regained $150.00 on a volume spike indicating increased investor interest.

Based on a combination of a measured move and a retest of a previous high initial resistance may emerge in the $160.00 to $162.50 zone, followed by $181.50 on trend. Initial support appears near the $141.50 recent breakout point.

JPMorgan Chase (JPM) completed a bullish Double Top breakout earlier this month, turning the winter banking crisis selloff into a correction within a wider uptrend that started back in October. In recent days, the shares have remained under accumulation, extending the current rally into a bullish High Pole.

Initial upside resistance appears at the November 2021 peak near $165.20, followed by the $175.00 round number, and $178.80 based on a horizontal count. Initial support appears near $141.00 based on a 3-box reversal and a retest of a recent breakout point.

With a perfect SMAX score of 10, JPM has been exhibiting strength across the asset classes.

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