The question on everyone's mind: Will JPMORGAN CHASE & CO breakout?

A possible breakout setup was detected on JPMORGAN CHASE & CO (NYSE:JPM) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:JPM.

In-Depth Technical Analysis of NYSE:JPM

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

We assign a technical rating of 9 out of 10 to JPM. In the last year, JPM was one of the better performers, but we do observe some doubts in the very recent evolution.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• Looking at the yearly performance, JPM did better than 87% of all other stocks. On top of that, JPM also shows a nice and consistent pattern of rising prices.
• JPM is part of the Banks industry. There are 404 other stocks in this industry. JPM outperforms 90% of them.
• JPM is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so JPM is performing more or less in line with the market.
• In the last month JPM has a been trading in the 229.53 - 249.04 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Check the latest full technical report of JPM for a complete technical analysis.

Why is NYSE:JPM a setup?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:JPM this score is currently 8:

Besides having an excellent technical rating, JPM also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 247.06. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 238.33, a Stop Loss order could be placed below this zone.

How to trade NYSE:JPM?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

More breakout setups can be found in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.