Head and Shoulders Price Pattern in JP Morgan Stock: JPM

There seems to be a lot of commotion these days over this head and shoulders top in one of the most important companies in America. JP Morgan has been putting in what most technicians would consider a pretty text book topping pattern since early May. Now, whether or not $JPM breaks the neckline and confirms is still unknown, but the potential is certainly there.

This is a daily bar chart of JP Morgan Chase & Co going back to the Spring. The left shoulder was put in towards the end of May, the head in July and most recently a really weak right shoulder in September. What stands out to me here is how short lived the most recent rally was. Take note of how much lower the September peak is (right shoulder) when compared to the May highs (left shoulder). This is further evidence that the buyers are just tired: (more)

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