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JPMorgan Chase & Co. (NYSE:JPM), along with the rest of the financial sector, is poised to benefit from the implementation of the Trump tax cuts in 2018, and we expect the stock to break out in the run up to its earnings announcement on Jan. 12, 2018, before market open.
JPM’s stock has been consolidating throughout the month of December, with horizontal resistance at ~$108.50 and an uptrending support level. This type of consolidation range, if the stock breaks above resistance, will form a bullish continuation pattern called an “ascending triangle” and could easily push the stock up to $112.50.
‘Buy to open’ the JPM February (2018) 110 Call (JPM180216C00110000) for a maximum price of $1.75.
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