JPMorgan Chase & Company (JPM stock) showed a reversal and extended the gains inside the rising parallel channel for the past months. Moreover, JPM stock has shown a picture-perfect rounding bottom pattern and surpassed the neckline of $140, indicating a breakout. However, the stock is heading back to retesting the zone and will likely skyrocket toward $200 in the following sessions.
JPM stock shows a strong chart structure and suggests an intense follow-through buying action as the price is close to the channel lower trendline and expects a bounce in the following sessions.
JPM stock is trading in the bull trajectory and above the cluster of $130, showing buyers traction in the last sessions. Moreover, the sellers were trapped during the massive surge from the support of $100, indicating a short covering rally on the charts. The price action favours the bulls and suggests that higher high sequences will continue and the price will outperform for the following sessions.
At press time, JPM stock price is trading at $147.23 with an intraday drop of 0.09%, showing neutral indications in the yesterday sessions. Moreover, the trading volume remained average at 6.534 Million, and the market cap is $427.863 Billion. However, Analysts maintained a buy and outperform rating with a yearly target price of $169.41, suggesting a strong growth outlook.
JPMorgan Chase & Co. is a financial holding company that provides financial and investment banking services. The firm offers a range of investment banking products and services in all capital markets, including advising on corporate strategy and structure, capital raising in equity and debt markets, risk management, market making in cash securities and derivative instruments, and brokerage and research.
It operates through the following business segments: Corporate and Investment Bank (CIB), Consumer and Community Banking (CCB), Commercial Banking (CB), and Asset and Wealth Management (AWM). The CIB segment offers a suite of investment banking, market-making, prime brokerage, and treasury and securities products and services to a global client base of corporations, investors, financial institutions, governments, and municipal entities.
JPM Stock Forming Rounding Bottom Pattern On Daily Charts
JPM stock price noted a correction and recovered from the lows of $100 in the past weeks and retained the momentum. Moreover, buyers have persisted in accumulating the stock and making long buildup activity to stretch the rally toward $200 in the following sessions.
The RSI curve stayed near neutrality and showed a negative crossover due to profit booking in the past sessions. However, the trend is strong and expected to bounce now.
The MACD indicator showed a bearish crossover, and red bars on the histogram indicated a mild negative outlook in the last sessions.
Summary
JPMorgan Chase & Co. (JPM stock) price is trading near the mid bollinger band and above the 50% Fib level, showing profit booking in the last sessions. However, the trend is strong, and the price is close to the channel’s lower trendline, expecting a bounce toward $158 in the following sessions. Moreover, buyers stayed strong and continued to outperform, surpassing the ongoing cluster decisively for the past sessions.
Technical Levels
Support Levels: $140 and $130
Resistance Levels: $160 and $200
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/25/jpm-stock-nyse-jpm-price-near-150-will-it-rally-toward-200/