Stock Picks And Trade Ideas For Friday - JPM, Citigroup, Goldman Sachs

Chart courtesy of stockcharts ( click to enlarge )

JPMorgan (NYSE:JPM) - The ascending wedge pattern I’ve followed in the JPM’s chart for the past several days has finally been broken to the downside. What does this mean for tomorrow’s action ? Well, normally a close near the lows of the day such as we saw today leads to a lower close the following day. This is usually a sign of bearishness. In addition, the Stochastics indicator showed the %K line crossed below the %D line when both values are above the 80% level, creating a sell signal. A move to the $27.5-$27.75 range appears likely in the near term. Only a close above $33 would reinstate bullishness.

Chart courtesy of stockcharts ( click to enlarge )

Goldman Sachs (NYSE:GS) - After the spectacular surge in November, the stock has traded in a narrow converging triangular range for about 3 weeks. Given its past behavior, the quiet move in this stock is not likely to continue, it could be up or down. There is a strong support level at the $67-$68 range. A breach of this range would lead to a sharp decline. For the moment, only a close above $74 would impart a positive trend. Existing holders may remain invested with a stop loss at $67.28.

Chart courtesy of stockcharts ( click to enlarge )

Citigroup (NYSE:C) - Although there is a possibility of a rally to the $9-10 range, the near-term outlook does not appear positive. A drop below $7.40 with volume would have negative implications and could push the stock to $6-$6.45 zone. Remain invested with a stop loss at $7.40.
Disclaimer: Trading stocks involves risk, this information should not be viewed as trading recommendations. The charts provided here are not meant for investment purposes and only serve as technical examples.

Subscribe by RSS Subscribe by Email