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

By David Diaz

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. Today's price range of $87.18 and $87.44 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. 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.

In the past 52 weeks, JPMorgan Chase share prices have been bracketed by a low of $50.07 and a high of $93.98 and are now at $87.22, 74% above that low price. The 200-day and 50-day moving averages have moved 0.22% lower and 0.68% higher over the past week, respectively.

Potential upside of 5.7% exists for JPMorgan Chase, based on a current level of $87.22 and analysts' average consensus price target of $92.21. The stock should discover initial support at its 200-day moving average (MA) of $62.55 and subsequent support at its 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 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 inside day candle JPMorgan Chase

Ticker(s): JPM