JP Morgan the bearish scenario did not play out, promising bullish break out ahead

I have posted several times before charts on JPM on twitter and my last tweet was the following…..

 

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?

Daily

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.

Weekly+Monthly

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.