JP Morgan (JPM) – Potential False Break Setup After Key Support Broken | Jun 8
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JP Morgan (JPM) – Possible False Break of Key Support (Daily chart)
After gaining 24% between November 2016 and February 2017, JPM topped out at ~94.00 before falling back to the MT support zone around 83.00-84.50.
At the moment, we are looking at a possible false break setup of this support zone and if price manages to close and stabilize above the zone again, it is more likely IMO we will see a move back towards the all-time high at ~94.00 with only minor resistance around 88.00 standing in the way.
In case this support zone fails to hold, to the downside there is not much support standing in the way of a bigger move, other than two minor levels coming in at 79.50 & 77.25.
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