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UTX, JPM overbought

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up May 21, 2013 (Chinavestor) United Technologies (NYSE:UTX) and JP Morgan & Chase (NYSE:JPM) dethroned 3M Co. (NYSE:MMM) from the top of the overbought monitor following all 30 Dow components. Short term upside potential looks limited for both UTX and even more so for JPM according to the following chart. See details below.

OB_20130521

Overbought A technical condition that occurs when prices are considered too high and susceptible to a decline. Overbought conditions can be classified by analyzing the chart pattern or with indicators such as the one above. A sharp advance from $15 to $30 in 2 weeks might lead a technician to believe that a security is overbought. Or, a security is sometimes considered overbought when the stock is trading out of its trading envelope and is approaching the theoretical high. It is important to keep in mind that overbought is not necessarily the same as being bearish. It merely infers that the stock has risen too far too fast and might be due for a pullback.


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