JPMorgan Bounce Target
JPMorgan Chase & Co. (NYSE:JPM) is surging today, trading at $34.16, +1.65 (5.06%). The stock has been under major pressure lately from billions in losses. While the stock collapsed, the key was to find the support level where it would bottom, and bounce. This level was at two key gap fills between of $32.50 and $33.25. At this level, the stock became a screaming buy. I played it personally and am enjoying some solid profits.
As the stock bounces, it is important to isolate the short term target. When looking at the chart, the first target is clearly a retrace to the gap fill from May 16th, 2012 at $35.45. The second target would be a bounce back to the 200 moving average at $36.50.
(click to enlarge)