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JPM stock shows a rounding bottom formation on the charts.
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Buyers are willing to stretch the gains toward the primary target of $170.
JP Morgan Chase & Company (JPM stock) is showing a positive outlook and holding the gains decisively above the round level of $150. Moreover, the price action shows the rounding bottom pattern suggesting that the $170 level could be reached in the following sessions.
Furthermore, the price action shows buyers are gaining traction and acquiring momentum. In the last sessions, JPM stock has retested the 20-day EMA due to broad selling in the market, which led to mild profit booking. However, the stock has entered bullish territory and suggests a rise soon.
Recently, JPM stock broke out of the consolidation phase, surpassing the neckline of $140. Afterward, the stock led a one-way rally, acquiring gains from the last sessions. However, the trajectory suggests that buyers will gain further strength if the price continu
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