July 15, 2012

JP Morgan Chase Chart analysis

  • JPM Closed the day above 50 day SMA. Up move also showed good volumes for the day.
  • But price is moving into stiff resistance levels. 
  • 50 Week SMA. 38.2% Fibonacci levels and daily swing high's may stop bulls from moving ahead. 
  • crossing 37.03 should target the GAP between 38 and 40.

NIFTY Weekend update

  • Rising wedge has given a breakdown in favor of bears Now price has to takeout the GAP shown in first chart for bears to gain momentum. 
  • MACD has given a sell signal But price sustaining above 20 Day SMA should give another chance for bulls to move up. For bears a close below 20 SMA is needed to gain momentum.
  • For a bigger breakdown price has to close the week below 20 Week SMA (5174).
  • Monthly chart shows price getting resisted at 5 Month High EMA.