JP Morgan Chase (JPM) – A Good Candidate to Short?

  • Post author:
JPM has just broken 200D MA support and looks like a good short candidate in May. In addition, the cloud is still very dark in the financial sectors on top of the “Sell in May & Go Away” sentiment.
Things to watch:
  • Whether JPM can stay above 200D MA. If not, the next immediate support will be $40.923. If this 61.8% FR level support is broken too, JPM will be very bearish and starts the down trend.
  • If JPM bounces back from 200D and breaks the 50D MA resistance at about $44.00, the bull will be coming back.

I have entered my JPM SEP 43 PUT position and will be watching very closely these two levels.

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