Most Wall Street banks are about to post their earnings soon including JPMorgan releasing Q2 2023 earnings on Friday, July 14, 2023. The banking sector is expected to report higher profits for the quarter given the deal making a reduction following the increasing interest payments, Reuters reported.
The United States Bureau of Labor Statistics (BLS) dropped off the Consumer Price Index data for June 2023. The reported inflation rate was below the estimated rate as well as the previous month’s rate. Wall Street stocks were likely to show a positive response to the news, and that did happen. Banking giant JPMorgan Chase & Co. (NYSE: JPM) stock price continues its upward move streak prior to the earnings call.
Jefferies reported upgrading the stock rating for JPMorgan Chase from “hold” to “buy” with a price target of $165. The JPM stock price hit its yearly high of $149 in the trading session on 12th July 2023, Wednesday, while the S&P 500 Banking Index rose 0.94% to close at $305.63.
JPMorgan Chase (JPM) Stock Price Movement
In Wednesday’s intraday trading session, JPM stock rose to $148.15 after a slight increase of 0.50%. Attaining the price level, JPMorgan stock crossed its hurdle at $144 and is currently trading around its 52-week high level of $149.
Prior to picking up pace, the JPM stock price has been consolidating for the past several months. It dropped to $125 in March this year and bounced back creating a strong base at the price level. Since then, it has consistently taken a slow and steady rise. The price range of $125 to $130 had a high volume activity making it a reliable support.
JPM stock witnessed a golden crossover in December last year and since then, the price set its course in an upward direction. Though a potential death crossover was attempted in May 2023, just before the earnings, the sudden uptick failed it and pushed the price above.
JPM stock stays above 50-day and 200-day EMA showcasing an uptrend movement. Positive crossover in MACD supports the bullish trend in the stock price of JPMorgan Chase. RSI is at 66 points showcasing a momentum sloping upwards. Mostly reliable indicators show the price momentum chasing upwards movement setting up a confluence.
However, if the upward movement breaks and JPM’s stock price tends to fall, the decline might put it to $130, which does not seem obvious given the positive sentiment.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/13/jpmorgan-chase-stock-jpm-hits-149-52-wk-high-prior-earnings/