JPMorgan ($JPM) Tests Major Resistance! Will the Bulls go Higher

Technical Analysis Overview:
4-Hour Chart:
* Trend: JPM remains in a steady uptrend, testing the resistance zone near $247.5-$248.

* Indicators:
* MACD: Bullish momentum continues, but histogram shows signs of slowing.
* Stochastic RSI: Overbought at 90, suggesting potential consolidation or pullback in the short term.

30-Minute Chart:
* Price Action:
* JPM is consolidating just below $247.5, aligning with the highest positive NETGEX.
* Support at $245 is holding steady, showing buyers’ strength in the zone.

* Volume: Moderate volume, indicating cautious buying at these levels.

Key Levels to Watch:
Support Levels:
* $245: Immediate support, aligning with the 3rd CALL Wall.
* $237.5: Significant support zone and HVL.

Resistance Levels:
* $247.5-$248: Key resistance, coinciding with the highest positive NETGEX.
* $250: Next major resistance level, aligning with the 2nd CALL Wall.
* $255-$260: Long-term resistance, highlighted by CALL walls.

GEX Insights:

Key Gamma Levels:
* Positive Gamma Walls (Resistance):
* $247.5: Highest positive NETGEX and immediate resistance.
* $250: 13.56% GEX10 (2nd CALL Wall).
* $255-$260: Significant resistance zones (29.69%-28.59% GEX).

* Negative Gamma Levels (Support):
* $245: Strong support, backed by the 3rd CALL Wall.
* $237.5: HVL and support, aligning with key gamma levels.

Options Metrics:
* IVR: 50.5, indicating relatively high implied volatility.
* IVx: 32.5, below average, suggesting moderate price fluctuations.
* Call/Put Bias: Calls dominate at 3.1%, signaling a cautious bullish outlook.

Trade Scenarios:
Bullish Scenario:
* Entry: Above $248 with volume confirmation.
* Target: $250-$255.
* Stop-Loss: Below $245 to limit risk.

Bearish Scenario:
* Entry: Rejection at $247.5-$248 or breakdown below $245.
* Target: $237.5-$235.
* Stop-Loss: Above $250 to control losses.

Directional Bias:
* JPM’s consolidation below $247.5 indicates a critical resistance zone. A breakout above $248 could signal further bullish momentum toward $250-$255, while a failure to break higher might lead to a retest of $245-$237.5.

Conclusion:
JPM is testing a significant resistance level near $247.5. A breakout above this level could lead to bullish continuation, while a rejection might bring consolidation or a pullback. Traders should closely monitor price action and volume for confirmation.

Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always conduct your research and trade responsibly.