JPMorgan (JPM) has been moving up well. The stock has now eclipsed both the May and April highs. This breakout-type move is leaving behind layers of support and has set up the stock well for a rally back up to the 2017 peak. Investors should view shares as a low-risk buy on weakness in the near term.
Immediately after reaching new 2017 lows on May 31, JPMorgan began a steady rebound. After a string of seven straight gains in early June, the stock had returned to a heavy resistance zone near the $88.00 area.
