This story was originally published here.
Equities opened for trading under significant pressure on Thursday, but bulls bid the market back up. Here’s a look at a few top stock trades to watch for Friday.
Top Stock Trades for Friday No. 1: JPMorgan (JPM)
Click to Enlarge Source: Chart courtesy of StockCharts.com
The banks have been getting killed, but they made a nice bounce on Thursday. JPMorgan (NYSE:JPM) was among the movers putting in a strong rebound.
Shares bounced hard off support at $82.50. However, they are not all that far from the declining 20-day and 50-day moving averages. In particular, the 50-day has been stiff resistance over the last month.
If that remains the case and the 50-day rejects JPM, expect a possible retest of the $82.50 level. Should that level fail as support, JPMorgan could retest the March lows near $77.50.
Above the 50-day moving average could put downtrend resistance in play (purple line). Above that, and $100 is possible…
Editor's Note: For the other four trades, click here.
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