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| Gator's Chart of the Day |
The W is said to be one of the strongest and most reliable of the reversal patterns. They don't get much clearer than the one made by JPM. It has completed and it did so as it broke through the 200 day simple moving average. That purple line has now become support that was successfully tested and the stock is moving higher.
I have no position but what I hope to see is a pullback to the 36.50-37 area and then a bounce. That is where I want to enter and I can keep a very tight stop just a little under the 200 day (which is coincident with the 20 day.)
