Asset Watch
Tuesday, January 16, 2024
Looking back, JPMorgan’s stock was stuck in consolidation from early 2018 until late 2019, as attempts to break through resistance were rejected. However, after a meaningful breakout occurred soon after (labelled Breakout #1), the stock recorded several green weekly candles until the pandemic struck.
And with a similar pattern present now, further confirmation could be the cue for the next bull run. Throughout late 2021 and early 2022, JPMorgan failed to hold above the highs set in June 2021. But a breakout occurred in 2024, and if support holds, a short-term consolidation could give way to another sharp rally like we witnessed in 2019.
So, could JPMorgan flip from a value story to a momentum play, or will the breakout reverse in the weeks ahead?