Courtesy of Chris Kimble.
Is JP Morgan creating a pattern which is suggesting much higher prices? It could be!
This chart looks at JP Morgan (JPM) on a weekly basis over the past 5-years. The chart itself comes from MarketSmith, a service provided by Investors Business Daily.
Over the past 15-months, it could be creating a bullish inverse head & shoulders pattern, with the neckline coming into play around the $120 level.
If this pattern is correct and JPM breaks above the $120 level, the pattern suggests the JPM could rally at least 20%.
The neckline around $120 comes into play as resistance. If this resistance is taken out to the upside, look for it to attract buyers!
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