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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Jpmorgan Chase (NYSE:JPM) based on the price action in the company's shares. Yesterday's price range of $106.65 and $108.60 is within the prior day'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. Traders and investors interested in shares of Jpmorgan Chase may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

In the past 52 weeks, Jpmorgan Chase share prices have been bracketed by a low of $81.64 and a high of $119.33 and closed yesterday at $108.35, 33% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

There is potential upside of 12.1% for shares of Jpmorgan Chase based on a current price of $108.35 and an average consensus analyst price target of $121.48. The stock should hit resistance at its 50-day moving average (MA) of $110.68, as well as support at its 200-day MA of $105.33.

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: bullish am inside day candle JPMorgan Chase

Ticker(s): JPM