Chelsea Supporters Protesting the Super League.
The proposal for the formation of a new "Super League" by a breakaway group of top-tier football clubs in Europe has stirred quite the polemic over the past several hours, especially after the name of the U.S. bank JPMorgan was thrown into the controversy.
Leading clubs from England, Italy, and Spain, announced their intentions to create a new competition comprising of some of the world's richest clubs, such Manchester United, Real Madrid, Juventus, and Barcelona, which was the primary cause of the commotion.
The announcement was followed by an immediate outcry from fans denouncing the proposal, viewing it as nothing more than a cash-grabbing idea. It was later revealed that JPMorgan was to finance the Super League with more than $4 billion, helping organise it using an American-style model used in the NFL and NBA.
🎥 | Here's a look at the scenes outside Stamford Bridge on Tuesday evening as news filtered through that Chelsea were planning to withdraw from the European Super League...pic.twitter.com/j9S3QywcxR
— Sky Sports Premier League (@SkySportsPL) April 21, 2021
JPM closed yesterday's trading session with a loss of 2.21 per cent, and as can be seen on the 4H chart below, bearish pressure keeps mounting.
The price action is developing a major Descending Wedge pattern, which typically entails likely uptrend continuation. However, the latest developments could change that.
After having broken down below the 100-day MA (in blue) yesterday, the share price is currently testing the lower boundary of the Wedge. If it gets broken as well, then JPM could tumble as low as the major support level at 140.00. The latter is currently converging with the 200-day MA (in red), making it an even more prominent price level.
In contrast, the broader bullish trend could still survive, but the share price would have to rebound immediately and then break out above the upper boundary of the Wedge. In case that the price does indeed manage to complete the Wedge, it would then be able to test the all-time record resistance level at 160.00.
JPMorgan 4H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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