JP Morgan (JPM) is a member of the elite club of 30 companies that are members of the Dow Jones Industrial Average. Let's check out the charts.
In this daily bar chart of JPM, below, we can see that prices dipped down towards the rising 200-day moving average line and then turned upwards. Notice the stronger volume on the dip? Some investors used the weakness to buy. Prices have rallied back above the rising 50-day moving average line.
The daily On-Balance-Volume (OBV) line looks like it also made a low in mid-September and looks close to breaking a downtrend from early June. The Moving Average Convergence Divergence (MACD) oscillator is pointed up and bullish.
In this weekly Japanese candlestick chart of JPM, below, we can see a lower shadow on the candle pattern in September as traders rejected the lows on approach to the 40-week moving average line. The weekly OBV line is bullish and the MACD oscillator is crossing upwards for a new outright buy signal.
In this daily Point and Figure chart of JPM, below, we can see that prices could rally to the $209 area.
Bottom line strategy: Traders and investors could go long JPM at current levels risking to $162. The round number of $200 is our first target with $209 right after that.
