Shares of JPMorgan Chase & Co., one of the largest multinational financial conglomerates in the United States, are trading within a corrective trend around 209.00.

On the daily chart, the price is moving in an uptrend channel with the current dynamic boundaries of 224.00–198.00 and is preparing to move higher.

The 4-hour chart shows that the potential for strengthening the upward momentum is considered high. This is also indicated by the fact that yesterday the quotes tried to overcome a yearly high of 210.00. A consolidation above this would give the quotes a new bullish impulse. It is worth opening the sales if the local support at 204.00 is overcome.

The technical indicators provide a buy signal: the fast EMAs of the Alligator indicator move away from the signal line and expand the range of fluctuation, the AO histogram forms correction bars in the buy zone.

Trading Tips

Long positions are intact in case of upside movement with price consolidation above 211.50 with price target of 225.50 and stop loss at 205.00. Validity: 7 days or more.

Short positions are intact in case of downward movement with price consolidation below 204.00 with renewed price target of 191.00 and stop loss at 210.00.