DTT Buzz
Exclusive Market Analysis, Alerts and Commentary from the DaytradeTeam trading staff
Friday, June 13, 2008
DaytradeTeam is Keeping a Close Watch on JPM
We have been watching JP Morgan Chase & Co. (NYSE: JPM) create this broadening formation. It has been forming since last August. Were waiting for the formation to break either to the upside or the downside. Since this had been forming for almost a year, it still has quite a while to go before it breaks. Just wanted everyone to know that we have this trade on our radar.
It could even create a great opportunity the next time it bounces off its resistance or support!
Megan Grant
DaytradeTeam
Syndicate Site
You're analysis is correct. I'd like to add that one could draw an even more significant support trendline extending all the way out from 5/14/03, touching a pivot point on 4/7/05 and 10/11/05 and most recently on 3/7/08 and 6/11/08.
This upward sloping trendline, unfortunately, might be the neckline of a long-term head-and-shoulder top formation, a pattern that conforms better to the dismal condition of our US financial system. 11:15 AM