Thursday 5 July 2012

JPM - confirms the bear flag

As noted last week, J P Morgan (JPM) is having some serious issues, and the stock looks very vulnerable. The move today confirms the bear flag, and JPM is now on its way down to make an attempt to break the multi-tested low of 27s


JPM, daily


Summary

Primary target remains 27, if fails to hold, then 20s later in the year.

The next quarterly results will probably be a huge reminder to Mr Market that all is not well with the commodity meddler.