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21.06.2022 02:55 PM
JPM stock price justifies a bounce higher towards $126 at least.
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Red lines -bullish RSI divergence

Black lines- Fibonacci retracement

JPM stock price remains in a bearish trend making lower lows and lower highs. So far there is no sign of a bullish reversal. However the RSI in the Daily chart has provided us with an important bullish warning. A bullish RSI divergence is a warning to bears that the downtrend is weakening. The price has made new lower lows but not the RSI for a third time. Price justifies a reversal and a bounce higher towards the 23.6% Fibonacci retracement around $126. As long as this RSI keeps diverging, I prefer to turn neutral JPM. Remaining bearish JPM at current levels is not worth the risk reward.

Alexandros Yfantis,
Analytical expert of InstaTrade
© 2007-2025

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