JPMorgan Chase Stock Chart Analysis: Trade This Trend Line

Shares of JPMorgan Chase (JPM) are soaring again today as yields continue to rise. Higher yields usually signal higher profits for banks. However, the JPMorgan Chase stock chart analysis signals a sell at the $150.00 price point. The sell could signal a pullback in yields or just that JPMorgan will pull back based on a major overbought situation. The stock has risen from $130.00 to $150.00 just in the last three weeks.

In addition, since November, JPMorgan Chase has rallied from $95.00 to its current $150.00, an over 50% move. The trend line to short is at $150.00 and comes about from the pivot high in August 2020, connected to the pivot high in January 2021. If you extend that trend line out, price is hitting it now at $150.00. Look for a near-term swing trade pull back to $140.00 and a longer-term retrace to $125.00. 

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