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Benzinga

Business

Melanie Schaffer

Chart Wars: Will Bank Of America Or JPMorgan Soar Higher On A Break Of This Key Pattern?

Bank of America JPM JPMorgan NYSE Bank of America Corporation JP Morgan Newsweek US Federal Reserve

Bank of America Corporation (NYSE:BAC) and JP Morgan Chase & Co (NYSE:JPM) opened higher on Wednesday in tandem with the S&P 500, but selling pressure entered just after 9:35 a.m., when Newsweek released an exclusive report stating a full-scale Russian invasion of Ukraine was likely within 48 hours.

Both stocks have been trading in a downtrend since Feb. 10 when Bank of America reached a new all-time high of $50.11 and JPMorgan a high of $159.03, declining about 10% and 5%, respectively, since that date.

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