JPMorgan Chase (JPM) stock is trading within a clear ascending channel on the 4-hour frame, with the stock continuing to form higher highs and lows on a regular basis, reflecting the strength of the medium-term uptrend.

After its recent downtrend, the stock is closing in on:

– Red demand area
– Lower border of the ascending channel (uptrend)

This makes the current area very important as it combines horizontal and dynamic support.

– Expected scenario (buy with the trend)

As long as the stock trades above the demand zone and remains in an uptrend, we will be interested in looking for buying opportunities along with the overall trend.
Any positive bounce from this area could push the stock back to its previous highs of $320 and possibly even reach the channel ceiling later on.

– Alternatives (breaking support)

If the downtrend and demand area is significantly broken, we may see a deeper corrective movement, but this is still a secondary scenario unless an actual breakout occurs.

🔑 Conclusion
A retest of support + an uptrend provides us with potential growth areas, so we will focus on buying opportunities that are in line with the current trend.

Do you expect an upward bounce in the demand zone? 👇

⚠️This analysis is for reference only and is not investment advice.
Tickmill Precision Trading ~

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