$JPM - Dangerous Head-and-Shoulders Pattern On JPMorgan

JPMorgan (JPM) is on a dangerous path to destruction. The charts and the fundamentals are for once, perfectly aligned, and it appears that the Financial BULLS are in for a rude awakening. JPM is one of the many Banks that are tangled in a web of infinite lawsuits, both Civil and Government, and almost every other day is paying out Billions of $$$$ in settlements just to stay out of the news for bad publicity. Add to that the non-existent interest income, thanks to the Fed’s ZIRP; the NIMs of banks have been squeezed to an extent where the are forced to solely rely on Trading revenue to please their investors.

Here is a Daily chart of JPM:

JPM - Daily Chart
JPM - Daily Chart

Recommendation: SELL

Price Target: $46

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