Friday 29 June 2012

JPM - struggling..whilst the indexes surged

J. P. Morgan Chase (JPM) had a pretty lousy day, when you consider the main indexes surged over 2.25% today.


JPM, daily


Summary

On the daily chart you could possibly argue there is a tiny bullish flag within the larger bear flag. There is a clear gap and resistance at the $38-40 zone.

I suppose if the markets can only increase a further 2-3% early next week, look for JPM to get stuck around 38..and thats assuming it can rally at all. It really does seem to be struggling lately, not least due to their large failed London based trade.

A break under the recent low of $31 would definately be a real warning, and would be one key level at which the chasers could short from.