JPM faces increased downside risk to $325.14 if weekly close < $343.15; near-term bounce expected at support.

Next, a few financial companies were under pressure today and we will start with JPM on the weekly timeframe. It has dropped by 3.42% today and you can clearly see the price falling below the other tail zones on the chart at 343.15.

Now , if we close the week below the 343.15 level, this will increase the likelihood of further downside for JP Morgan with the next support right here on the upward trend line at $325.14.

This upward line is taken from the April 2025 lows. You'll see here that JPM has been in a nice, clear upward price channel for quite some time, going back to 2023. In fact, I can extend it to much earlier, almost to 2020 and 2021.

So it's a very good downward move, with a possible bounce expected in the near term if the price continues to fall straight down to this range . Note also that even if the price breaks through, we have the 50% channel area not too far away , at around $320.75.

A great support area is approaching here for JPM.