JPM Cup and Handle
Updated
Currently, my eyes are focused on couple of stocks with good potential and positive fundamentals following them. The one I am watching for quite some time now is JPM, JP Morgan, one the biggest US banks.
JPM with $3.7 trillion in assets at this moment, is the largest US bank, and it has a full 16.3% of the total assets held by all the US commercial banks. This graph provided by Barrons shows how big the JPM truly is.
https://images.barrons.com/im-778475?width=620&size=0.9349890430971513&pixel_ratio=1.5
What to consider in this stock:
1. Due to possibility of additional bank collapse in the US, price may fluctuate more than usual. Always make sure to have an exit point, especially in turmoil times like we are having at the moment.
2. Currently, chart is showing us a potential Cup and Handle formation in making. The Daily level is the one I am focused on at the moment.
3. Some potential price levels I am currently looking: I wouldn't consider buying the stock if it drops bellow the $131.75 level, which was the last support the price of the stock had.
4. Potential buy point, which will be my safe entry zone will be at break of the last resistance zone sitting at $141.10 price level.
5. If the scenario goes as planned, my potential price limit for Take Profit levels will be based on the current moves by the overall market and the stock itself, meaning, I will not have a price range with the TP level. I will just follow along.
6. Most important, my Stop Loss levels will be firmly set to $131.5 price level, sitting just under the 50SMA line and the last wick of the candle which dipped bellow the line itself.
As always, I am not financial advisor. I am investor who is putting his money on the markets. Please make sure to do your due diligence and see if this potential scenario will suit your investor needs.
JPM with $3.7 trillion in assets at this moment, is the largest US bank, and it has a full 16.3% of the total assets held by all the US commercial banks. This graph provided by Barrons shows how big the JPM truly is.
https://images.barrons.com/im-778475?width=620&size=0.9349890430971513&pixel_ratio=1.5
What to consider in this stock:
1. Due to possibility of additional bank collapse in the US, price may fluctuate more than usual. Always make sure to have an exit point, especially in turmoil times like we are having at the moment.
2. Currently, chart is showing us a potential Cup and Handle formation in making. The Daily level is the one I am focused on at the moment.
3. Some potential price levels I am currently looking: I wouldn't consider buying the stock if it drops bellow the $131.75 level, which was the last support the price of the stock had.
4. Potential buy point, which will be my safe entry zone will be at break of the last resistance zone sitting at $141.10 price level.
5. If the scenario goes as planned, my potential price limit for Take Profit levels will be based on the current moves by the overall market and the stock itself, meaning, I will not have a price range with the TP level. I will just follow along.
6. Most important, my Stop Loss levels will be firmly set to $131.5 price level, sitting just under the 50SMA line and the last wick of the candle which dipped bellow the line itself.
As always, I am not financial advisor. I am investor who is putting his money on the markets. Please make sure to do your due diligence and see if this potential scenario will suit your investor needs.
Note
If anyone took this position I would strongly advise you to move your Stop Loss further in profits. My stop loss will be sitting at around $149.33.Note
You can move your Stop Loss further in profit, let's go with $162.35 price level, which is just below the previous Lower High level.Note
You can adjust your Stop Loss level now, we can move it a bit higher- $171 price level to be precise
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