JPM Setting Up For Rally?

Published 12/15/2015, 07:06 AM
Updated 07/09/2023, 06:31 AM
JPM
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XLF
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Financial Select Sector SPDR (N:XLF) the financial sector ETF has been flashing oversold and a Buy signal for the last few days. XLF made a nice bounce off support yesterday and looks to be setting up for a rally.

XLF Daily Chart

JPMorgan Chase & Co (N:JPM) is one of the largest components of this ETF and it too looks like its setting up for a rally. Between Friday and Monday JPM found support at 63.51 and formed a tweezer bottom candelstick pattern. The area below the 63.51 level is strong support area. It is a base area that lead to the breakout in early November. If JPM can maintain the 63.51 support level it can easily rally to its first resistance level at 66

JPM Daily Chart

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