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

By James Quinn

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 $92.97 and $93.23 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.

In the past 52 weeks, Jpmorgan Chase share prices have been bracketed by a low of $57.05 and a high of $95.22 and are now at $92.98, 63% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.7%.

Potential upside of 2.3% exists for Jpmorgan Chase, based on a current level of $92.98 and analysts' average consensus price target of $95.12. Jpmorgan Chase shares have support at the 200-day moving average (MA) of $62.55 and additional support at the 50-day MA of $60.39.

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 recommended that subscribers consider buying shares of Jpmorgan Chase on June 12th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $87.01. Since that recommendation, shares of Jpmorgan Chase have risen 6.6%. We continue to monitor JPM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle JPMorgan Chase

Ticker(s): JPM