JPM closes within previous day's range

JPMorgan Chase & Co. (JPM) Technical Analysis Report for Jul 13, 2018

Highlights

JPM finds buyers at key support level
JPM finds support at 20-day moving average
JPM runs into sellers again around 107.80
JPM stuck within tight trading range
JPM falls to lowest close since July 6th

TQ Sentiment

Report Sentiment:
Neutral
Technical Forecast:

Overview

JPM finished the week 2.21% higher at 106.36 after losing $0.49 (-0.46%) today on high volume. Today's closing price of 106.36 marks the lowest close since July 6th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.

Daily chart for JPM

Volatility

Friday's trading range was $2.66 (2.48%), that's far above last trading month's daily average range of $1.95. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 105.14 and 107.80 which it has been in now for the last three days.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar.

Support/Resistance

After trading as low as 105.14 during the day, the market bounced off the key support level at 106.27. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move above 107.56 in the previous session, JPMorgan ran into sellers again around the same price level today, failing to move higher than 107.80. After trading as low as 105.14 during the day, the share found support at the 20-day moving average at 105.82.

Trend

While the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for JPMorgan Chase & Co.

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Latest Report:

JPM breaks key support level

Sep 21, 2018
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