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5 Big Financial Stocks You Should Buy in June

JPMorgan Chase

I mentioned Jamie Dimon a little earlier, so I may as well talk about his company, JPMorgan Chase (JPM - Get Report). JPM has been the talk of the town since announcing a hedge-gone-amok that's transformed into a $2 billion (or more) trading loss. Even though the drama is still swirling around JPMorgan this week, it looks like the selling pressures have abated in this stock.

Here's when to buy:

In the short term, JPM is forming an inverse head-and-shoulders pattern, a setup that indicates exhaustion among sellers. The neckline level for this pattern is at $34.50; that's the price where it makes sense to be a buyer. If JPM can breakout above that $34.50 level, we know that buyers have regained control of this giant bank.

Since late December, momentum has done a stellar job of leading price for JPM this year. With the downtrend in this stock's 14-day RSI broken and a new uptrend begun, an upside breakout seems likely. When it happens, I'd recommend placing a protective stop at $32.

I also featured JPMorgan recently in " 5 Huge Stocks Breaking Out," and it shows up on a list of 5 Bank Stocks Wilting Under the Summer Sun.

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AXP $77.99 0.00%
COF $80.44 0.00%
JPM $62.60 0.00%
PRA $45.40 0.00%
TD $46.11 0.00%


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