🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Bank Stocks Testing Critically Important Price Support

Published 30/10/2023, 20:13
JPM
-
BKX
-

For the first time in his tenure as JPMorgan Chase (NYSE:JPM) president, Jamie Dimon sold some shares on Friday.

Does he know something that we should know? Are bank stocks in trouble??

Well, it’s time to look at the banks, below is a “weekly” chart of the KBW Bank.

BKX Bank Index-Weekly Chart

As you can see, BKX is testing important dual support at (1). This support is comprised of the recent lows and uptrend channel support.

Looks like this support is mission-critical for JPMorgan Chase stock and all banks alike. In my humble opinion, stock market bulls need to keep an eye on this. Stay tuned.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.