JPMorgan Chase & Co JPM could be setting up for a breakout, according to Ritholtz Wealth Management CEO Josh Brown.
JPMorgan made a new all-time high around $166 in June and then "basically fell asleep for the rest of the summer." The stock is now trending higher and looks ready to challenge its all-time high, Brown said Thursday on CNBC's "Fast Money Halftime Report."
"This is a name that very rarely breaks out, but when it does, the moves are large because people feel left out of a very obvious trade," Brown said.
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Brown could see a scenario in which the Federal Reserve begins tapering in November and there is a "little bit of a steepening in the bond market and [traders] go wild for this stock."
If JPMorgan does break above its all-time highs, Brown thinks it could go as high as $180 per share. He noted that he is long the stock.
JPM Price Action: JPMorgan has traded as high as $167.44 and as low as $91.38 over a 52-week period.
The stock is up 3.46% at $161.31 at time of publication.
Photo: Nick Bastian from Flickr.
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