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

By Nick Russo

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 $108.42 and $109.29 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.

Over the past year, Jpmorgan Chase has traded in a range of $95.95 to $119.33 and closed yesterday at $109.09, 14% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

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.

Potential upside of 11.4% exists for Jpmorgan Chase, based on a current level of $109.09 and analysts' average consensus price target of $121.48. The stock should find initial resistance at its 200-day moving average (MA) of $111.84 and further resistance at its 50-day MA of $112.05.

SmarTrend is monitoring the recent change of momentum in Jpmorgan Chase. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Jpmorgan Chase in search of a potential trend change.

Keywords: bullish am inside day candle JPMorgan Chase

Ticker(s): JPM