In our previous analysis on the JPM stock price when price was trading around $160, we warned that the weekly bearish divergence signals combined with the short-term trend reversal could lead to a bigger decline. Price ended the week at its lowest level of $147.
Blue lines- Fibonacci retracements
JPM stock price has a second consecutive down week. Combined with the weekly bearish divergence by the RSI, our expectations see price reaching at least the 38% Fibonacci retracement around $133. This is the first important Fibonacci support level on a weekly basis. Breaking below $133 will open the way for a move towards $110-$112 but it is too early to talk about such a decline. Currently we remain neutral if not bearish JPM, waiting to see price near the 38% Fibonacci retracement.
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