JP Morgan Chase and Co Stock Code JPM.NYS
Outlook
Price gapped below the cloud on Friday night and closed that day below the cloud as well. Both Conversion and Base lines had a bearish crossover earlier, hinting of a bearish trend before price actually broke below the cloud. MACD has turned bearish and is moving lower, hinting of more price decline ahead. A bearish Flag chart pattern is also hinting of further price decline with a price target at $100.20. Fibonacci 200% price target is at $100.05 while a previous price support lies at $98.20. We think price is likely to move to either $100.20 or $98.20.
Strategy
$106.80 Sell
$100.05 Price Target
$110.20 Risk Management Stop
4 weeks Trade Duration
Proctor & Gamble Co Stock Code PG.NYS
Outlook
Price broke a 7-month rising trend line and this is a hint of a bearish trend coming. Price is in the cloud and could break below the cloud soon as Conversion and Base lines had a bearish crossover on Friday. MACD had earlier given a bearish divergence warning. Price could be heading lower to the next support at $96.96 with $93.10 being the most likely destination.
Strategy
$103.20 Sell
$93.10 Price Target
$107.60 Risk Management Stop
4 weeks Trade Duration
