JPM and BAC Techncial Outlook Video Week 3rd July
This week we will be be looking at two of the big banks, JPM and BAC. We have done this in the past and have been monitoring these banks as they are a good barometer as to where the financial industry really is.
On Chase this week, Price has broken out of the small range it has been in for the past couple of weeks. It broke hard to the upside and is retesting supply at 92.52. It broke out with an extreme gap. I believe that price will come back to fill this gap as it opened up inside supply zone at 92.52 up to 93.98. This is the retest up the highest supply zone we have on the chart. Price has bounced off this supply zone in the past which make this level weak. Therefore if we see price back up above $93. I think it could break it.
Bank of America has also been in a range this week like Chase. And again broke out to the upside today. However on this market price was more in a defined monthly range. So when we saw the breakout here I believe that it’s a good side for a continuation of price up to the highs at $25. Again just like Chase, I believe price will retrace back down and filling the gap before going back up and pushing the highs. In this market however there’s over 1 dollar worth of price action to contend with before we do see the ultimate retest of those levels. For the up and coming week, I see price moving to the upside and continuing the trend up.
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