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

By Amy Schwartz

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 $91.70 and $92.59 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.

Jpmorgan Chase share prices have moved between a 52-week high of $140.76 and a 52-week low of $76.91 and are now trading 20% above that low price at $91.91 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.4% while the 200-day MA has slid 0.3%.

There is potential upside of 32.2% for shares of Jpmorgan Chase based on a current price of $91.91 and an average consensus analyst price target of $121.48. Jpmorgan Chase shares should first meet resistance at the 50-day moving average (MA) of $112.68 and find additional resistance at the 200-day MA of $119.75.

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 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: bearish inside day candle JPMorgan Chase

Ticker(s): JPM