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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. Yesterday's price range of $137.27 and $137.86 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 $98.09 to $140.19 and closed yesterday at $136.43, 39% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.5%.

Based on a current price of $136.43, Jpmorgan Chase is currently 11.0% above its average consensus analyst price target of $121.48. The stock should discover initial support at its 50-day moving average (MA) of $132.82 and subsequent support at its 200-day MA of $117.22.

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 recommended that subscribers consider buying shares of Jpmorgan Chase on October 15th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $119.73. Since that recommendation, shares of Jpmorgan Chase have risen 15.5%. We continue to monitor JPM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle JPMorgan Chase

Ticker(s): JPM