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JPMorgan Bounce Target

JPMorgan Chase & Co. (NYSE:JPM) is surging today, trading at $34.16, +1.65 (5.06%). The stock has been under major pressure lately from billions in losses. While the stock collapsed, the key was to find the support level where it would bottom, and bounce. This level was at two key gap fills between of $32.50 and $33.25. At this level, the stock became a screaming buy. I played it personally and am enjoying some solid profits.

As the stock bounces, it is important to isolate the short term target. When looking at the chart, the first target is clearly a retrace to the gap fill from May 16th, 2012 at $35.45. The second target would be a bounce back to the 200 moving average at $36.50.

Gareth Soloway
InTheMoneyStocks.com

JPM05.22.12.jpg

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About the Author

InTheMoneyStocks

Mission Statement:
Our goal is to provide accurate and precise market guidance without the Wall Street hype.

InTheMoneyStocks.com is a proprietary research, consulting and investment alerts company focused on guiding investors, stock market swing traders and day traders to financial success. Their "PPT Methodology" is a proprietary blend of price, pattern and time discoveries that has helped produce triple digit, documented and verified net gains for members over the past 9+ years (take note of the Research Center track record of every call given to members here. You can also view their options trading performance in the Options Alerts here.) You can also join them as they day trade the intra day market action live in the Intra Day Stock Chat, step inside the trading room for free right here.

Chief Market Strategists and head traders, Gareth Soloway and Nicholas Santiago analyze the markets while making calls on everything from stocks, options to commodities and currencies. If it has a chart, they can find the level to go long or short and profit from it.  Their goal is to not only guide their subscribers, but also teach their proprietary methods, helping them achieve financial independence.

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