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Possible Bearish Inside Day Candle Pattern Detected for Jpmorgan Chase (NYSE:JPM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Jpmorgan Chase (NYSE:JPM) based on the price action in the company's shares. Today's price range of $119.95 and $120.51 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Jpmorgan Chase may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Jpmorgan Chase share prices have moved between a 52-week high of $120.51 and a 52-week low of $91.11 and are now trading 32% above that low price at $120.22 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.3%.

Jpmorgan Chase (NYSE:JPM) has potential upside of 1.1% based on a current price of $120.22 and analysts' consensus price target of $121.48. The stock should discover initial support at its 50-day moving average (MA) of $112.90 and subsequent support at its 200-day MA of $109.14.

JPMorgan Chase & Co. provides global financial services and retail banking. The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals.

SmarTrend is tracking the current trend status for Jpmorgan Chase and will alert subscribers who have JPM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle JPMorgan Chase

Ticker(s): JPM