Asset Watch
Wednesday, April 17, 2024
If you’re looking for clues, there are two key technical levels you should be paying attention to see whether JPMorgan can maintain its constructive outlook.
Firstly, the 20-week moving average stands near $179, so if the stock trades above it, the short-term outlook is bullish. Then secondly, the area near $173 marks the breakout above the previous all-time highs, which means a retest could facilitate support slightly below the 20-week MA.
Monitoring both levels could provide insights into whether the Apr. 12 sell-off was simply a small correction or the beginning of something more ominous.
So, should we blame sentiment for JPMorgan’s short-term struggles, or are investors front-running a potential recession?