- Price closing the day below 50 Day SMA again is negative for bulls.For gaining momentum bears must break and trade below 1357 for possible targets near 1340.
- 20 Day SMA is crucial resistance. for the up move to resume price must close above 20 Day SMA.
- 2nd chart shows Weekly MACD getting ready for a sell signal. Price must stay below the up trend lien and the horizontal line for the sell signal to confirm.
- 20 Week SMA shown in last chart is a crucial support level.
- JP MORGAN WEEKEND UPDATE
April 14, 2012
- JPM Daily chart shows a bearish engulfing pattern But price is still above the crucial up trend line. 20 Day SMA is acting as resistance. Breaking the up trend line and trading below42.66 levels will favor bears of JPM.
- Weekly chart too shows a possible MACD sell signal in the making. Price not breaking above 46.49 and breaking the up trend line should favor bears of JPM.