I have posted several times before charts on JPM on twitter and my last tweet was the following…..
— Alexandros Yfantis (@alexanderYf) June 25, 2019
My small short position got stopped on Friday as price broke above recent highs (I had 110$ as stop) and my short position from 108.50$ was closed….this is not necessarily a bad thing. Why? Because we now have a clearer view of what the bull’s stop is and since the market has showed that price is supported between 105-108$, a break out above 111$ could open the way for a move towards 117$ or even higher….why not take advantage of this?
Price remains above the red trend line support. This is crucial for the longer-term trend. Price is breaking above cloud resistance so short-term we have a bullish signal.
Price remains supported and major resistance ahead at 117$ if broken could provide a very good move higher. Price now at 111$ while monthly low at 105.35$ is the stop for bulls. Potential is 117$ but breaking it will open the way for a move to 125-130$ area.
Current momentum is bullish with price making higher highs and higher lows. Key support as we said is at 105$ but a break above $111 will raise stop for bulls at 108$. Let’s see how this week unfolds. Looking very bullish to me ready for a move to new highs.