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JPMorgan Chase (JPM) Set For a New High on the Year

A couple of weeks ago, we looked at JPM and saw a bullish continuation signal as price broke above some key consolidation resistance factors. As we follow up with the stock, we can see that the bullish continuation materialized. 

JPM Daily Chart

(click to enlarge)

2017 High:
- As we can see, price is going to challenge the 2017 high around 94. 
- Given the prevailing uptrend, I think there is a strong chance we will see another high. 
- I think we can look towards the psychological handle of 100. Price might not necessarily find resistance at exactly 100, but I think we can expect some consolidation around 100 even if price breaks through it. 
- At this point, if price pulls back, say from 94 or immediately after breaking 94, we should anticipate support around 90, or just under it in the support/resistance pivot area between 88.20 and 89.60. 
- A break below 86 would invalidate the bullish continuation scenario, and reflect continuing consolidation and maybe even bearish correction.