A clear breakout here from the inside of the descending triangle earlier in the month. Now clarity is present. Underlying resistance at $154.44 with support at $151.33

Taking a look at JPMorgan as we can see that a clear break out of the descending triangle has occurred, shifting the bias from bearish to neutral-bullish. Currently, the bank’s shares are trading at around $153.26 a share. The underlying resistance now sits at $154.44, and we can see this is the case as the price has been moving sideways since this time last week. A break and close above this level may see its share price rise higher with the primary target then of $159.37 (this year’s high). The minor support base sits at $151.33, a break below it could then test the support of $150.12. Only a move below $150.12 could see a further retracement. If we look at the technical indicators, we can see the MACD is still positive but volume has lowered slightly. Additionally, the RSI reads 70 suggesting that the stock is somewhat overbought. Hence, in the near term, a small pullback due to profit-taking is possible.