Seize on JPMorgan for a Day Trade
I am currently looking at a trade setup in JPMorgan Chase (JPM), which has tested and -- so far -- held above the Fibonacci cluster zone I'm seeing. This zone, $39.50 to $39.79, also defines my risk on the trade, and it includes the following.0.382 retracement of the July 23 low to the Oct. 17 high of $39.55 1.618 extension of the Oct. 26 low to the Nov. 2 high of $39.51 100% projection of the May 22 high to the June 4 low, projected from the Oct. 17 high $39.79 100% projection of the June 21 high to the July 23 low, projected from the Oct. 17 high $39.61
The swings from which these price relationships came are illustrated on the daily chart below....568 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.