Today’s instrument is the JPMorgan Chase & Co. stock traded in the Nasdaq exchange under the ticker JPM.
When we look at the JPM’s chart, we can see a gradual steady uptrend for the past 7 days, rising from the $164 support level into the $167, holding above and forming new temporary support at $166 enabling it to reach as high as $170, which now acts as resistance. It was last found trading at $168.47.
JPMorgan Chase & Co. will announce its quarterly earnings tomorrow 14th January. If earning expectations are surpassed, we could expect the price to move upwards, towards the $180 price range
Today we can expect a move close to the $170 acting as resistance.
If however, it does not manage to hold on to the current level then a move close to the $166 support can be expected.
(Click on image to enlarge)
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