Look for Shares of JPMorgan Chase to Potentially Pullback after Yesterday's 1.03% Rise
JPMorgan Chase (NYSE:JPM) traded in a range yesterday that spanned from a low of $68.23 to a high of $68.92. Yesterday, the shares gained 1.0%, which took the trading range above the 3-day high of $68.18 on volume of 7.3 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, JPMorgan Chase has traded in a range of $50.07 to $70.61 and is now at $68.85, 37% above that low. The 200-day and 50-day moving averages have moved 0.22% lower and 0.68% higher over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of JPMorgan Chase on July 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $64.51. Since that recommendation, shares of JPMorgan Chase have risen 5.6%. We continue to monitor JPM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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