- JPM stock is rejecting the ongoing downtrend with a vigorous bullish trend.
- JP Morgan released its Q2-2023 consensus on July 14, 2023.
- JPM stock closed at $149.30 and is up $0.18 in the pre-market trading.
JPM stock has rejected the ongoing downtrend momentum since September 8, 2023. The price has achieved an annual high of $159.38 at the end of July 2023. But it did not sustain there and was halted with resistance level. At that level, a considerable presence of bears shattered down the price towards the $142 support level.
Recently, JP Morgan (NYSE: JPM) stock closed at 149.30 while witnessing a gain of 0.12% during the past intraday session. The stock has surged about 5% within a week to tackle the bear’s control. Currently, it has formed a resistance level at $149.90.
Q2-2023 Consensus Of JP Morgan Chase & Co.
JPMorgan Chase & Co released its second quarterly financial report on July 14, 2023, revealing an outstanding performance. The earnings and revenue surpassed the estimated figures, which catalyzed the bullish trend, and the price action spiked while securing an annual high.
The 2nd quarter financial report shows revealed revenue of $41.30 Billion, which outclassed the estimated revenue by 6.96%, whereas the estimated revenue was $38.61 Billion. Moreover, the reported $4.75 EPS surpassed the estimated EPS forecast of $3.94 with a surprise of 20.65%.
The Q2-2023 consensus played a critical role in uplifting the stock price near the $160 mark. Hence, the JPM stock spiked while forming higher highs and lows, encouraging traders and buyers to invest more.
Will The Bullish Momemtum Sustain?
The JPM stock price is currently trading above the 20, 50, 100, and 20-day EMAs, indicating strength and high involvement of buyers in the market. If bullish sentiment sustains, then the price might surge toward $155.
The Relative Strength Index (RSI) is at 54.08 points, indicating subtle strength, while the price is advancing through a short-term pullback after refusing the occurring downtrend.
Moreover, the CMF is hovering below the 0.00 level, denoting a slight presence of sellers in the market. The CMF is at -0.05, reflecting slight weakness during the intraday session. However, The market capitalization of JP Morgan Chase & Co. is $433.35 Billion, with an average volume of 9.192 Million shares.
Conclusion
The market structure and price action of JP Morgan (NYSE: JPM) stock is bullish and needs to rise above $150 to witness some decent gains. Technical Parameters favor the buying side, but traders should wait for the price above $150.
Technical Levels
Major resistance: $159.83 and $149.90
Major support: $123.11 and $126.22
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.