JPMorgan down 13% since its peak back in July, is the stock worthy of a buy once again?

Taking a look at JPMorgan as its share price has fallen roughly 13% since its peak back in July. Currently, its shares are trading at around $138.73 a share and we can see that the bearish sentiment continues for the time being. The support of $137.69 has been broken and the price did close below at $135.76, it has now bounced just above it but the bias remains negative. The next key level of support sits at the lower white trendline of the triangle drawn on the chart, which reads $131.81. A break below this level could potentially see a slide even lower towards $123.19 (red trendline). However, with the upcoming FOMC meeting and the markets anticipating no hikes this meeting, we could see an attempt at consolidation. In that case, we would look at resistance levels currently sitting at $141.81 then at $144.44 and then maybe even trendline resistance of $145.58. Although, this would require a sold build of momentum and only a break out of the triangle towards the upside may indicate that a shift in trend has occurred. Looking at the technical indicators for more insight, they currently support the bearish bias. The MACD is negative and so is the RSI as it reads 37. The RSI was suggesting that the stock was trading in oversold conditions last Friday but has wiggled its way out since.

 

Additional insight: CNN polls analysts’ projections for a 12-month period on any individual stock. The data suggests that over the next 12 months, the low estimate for JPM sits at $140 with a median of $170.60.

Link here https://money.cnn.com/quote/forecast/forecast.html?symb=jpm