On October 12, we mentioned that JPM was trading within the barriers of an Andrew's pitchfork indicator - a sign that suggested we could expect to see a confined trading range between the center trendline and the lower support. As you can see from the chart below, the bulls were unable to push above the resistance, which resulted in a move toward $47.50. We'd expect to see JPM remain range bound and likely make a responsive move back toward the center trendline.



JPM_010807.gif

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