Trade of the Day: JPMorgan Chase & Co. (JPM)

JPM looks to be headed for a breakout

By John Jagerson and Wade Hansen, Editors, Strategic Trader

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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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InvestorPlace advisers John Jagerson and S. Wade Hansen, both Chartered Market Technician (CMT) designees, are co-founders of LearningMarkets.com, as well as the co-editors of SlingShot Trader, a trading service designed to help you make options profits by trading the news. Get in on the next SlingShot Trader trade with our $19 for 2 months Holiday Savings Special by clicking here.


Article printed from InvestorPlace Media, https://investorplace.com/2017/12/trade-day-jpmorgan-chase-co-jpm/.

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