JPMorgan (JPM) - Get Report 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. This key zone has held a number of weekly and monthly highs since the very damaging March 21 breakdown. Shares stalled here once again and have been tracing out a narrow consolidation pattern since. Following Wednesday's impressive move, JPMorgan has resolved this healthy action with an upside breakout and is set up well for more upside.

In the near term, JPMorgan investors should take on a more positive view of this A-rated stock. A very solid support zone between $89.00 to $87.00 is now in place. A continued move off this area will likely carry the stock back up to the March high of $94.00. On the downside, a close back below $86.00 would violate last week's low, sending a clear warning sign that more consolidation is ahead before a rally can take hold.

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This article is commentary by an independent contributor. At the time of publication, the author was long JPMorgan.