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Alert: Major Double Top Hit On JPMorgan



February 16, 2011 – Comments (0) | RELATED TICKERS: JPM , WFC , GS

JPMorgan Chase & Co. (NYSE:JPM) surged higher this morning on the back of a strong market. JPMorgan Chase found itself trading at $43.30, +1.48 (+3.16%). Other financial stocks were mixed as Wells Fargo & Company (NYSE:WFC) dropped sharply to $32.86, -0.82 (-2.43%) and Goldman Sachs Group, Inc. (NYSE:GS) moved higher, trading at $168.76, +0.85 (+0.51%).  While JPMorgan Chase was clearly the leader and exceptionally strong today, it slammed into a major double top from the highs of 2010 at $48.30.

The $48.30 level will be a major resistance point on JPMorgan Chase per the technical levels. In addition to being a major double top from the pivot high in 2010, the stock is also extended on the daily chart. Look for resistance in the short term on JPMorgan.

Gareth Soloway

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