Jpmorgan Chase & Co. Stock Forecast
Jpmorgan Chase & Co. stock downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on Jun 28, 2024)
The Jpmorgan Chase & Co. stock price fell by -0.360% on the last day (Friday, 28th Jun 2024) from $24.99 to $24.90. During the last trading day the stock fluctuated 0.482% from a day low at $24.88 to a day high of $25.00. The price has risen in 6 of the last 10 days and is up by 0.2% over the past 2 weeks. Volume has increased on the last day by 7 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 59 thousand shares were bought and sold for approximately $1.48 million.
The stock is at the lower part of a narrow and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $24.86 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Jpmorgan Chase & Co. stock with a 90% probability to be traded between $25.01 and $25.29 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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JPM-PD Signals & Forecast
There are few to no technical positive signals at the moment. The Jpmorgan Chase & Co. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $24.95 and $24.91. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, June 26, 2024, and so far it has fallen -0.430%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Jpmorgan Chase & Co. gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
A sell signal from a double top formation was found on Wednesday, June 26, 2024 and based on theory for this formation the price should fall by -0.200% to $24.85 within 13 trading days since signal was issued (Tuesday, July 16, 2024).
Support, Risk & Stop-loss for Jpmorgan Chase & Co. stock
Jpmorgan Chase & Co. finds support from accumulated volume at $24.80 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.120 between high and low, or 0.482%. For the last week the stock has had daily average volatility of 0.447%.
Our recommended stop-loss: $24.11 (-3.19%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 12 days ago.)
Trading Expectations (JPM-PD) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Jpmorgan Chase & Co. to open at $24.93, and during the day (based on 14 day Average True Range), to move between $24.77 and $25.03, which gives a possible trading interval of +/-$0.135 (+/-0.54%) up or down from last closing price. If Jpmorgan Chase & Co. takes out the full calculated possible swing range there will be an estimated 1.08% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $24.96 (0.24%) than the support at $24.80 (0.40%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Jpmorgan Chase & Co. stock A Buy?
Jpmorgan Chase & Co. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.471 Hold/Accumulate Downgraded
Predicted Opening Price for Jpmorgan Chase & Co. of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $24.93 ( 0.107%) | $24.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for JPM-PD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 25.05 | 0.589% |
| R2 | 25.00 | 0.405% |
| R1 | 24.97 | 0.291% |
| Price | 24.90 | |
| S1 | 24.88 | -0.0770% |
| S2 | 24.85 | -0.191% |
| S3 | 24.81 | -0.375% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 25.03 | 0.522% |
| R2 | 24.99 | 0.361% |
| R1 | 24.96 | 0.241% |
| Price | 24.90 | |
| S1 | 24.80 | -0.402% |
| S2 | 24.71 | -0.763% |
| S3 | 24.66 | -0.96% |
JPM-PD Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 01, 2024 | May 01, 2024 | Jun 03, 2024 | $0.359 | 1.44% |
| 2 | Jan 30, 2024 | Jan 30, 2024 | Jan 30, 2024 | $0.359 | 1.44% |
| 3 | Oct 31, 2023 | Oct 31, 2023 | Oct 31, 2023 | $0.359 | 1.57% |
| 4 | Aug 01, 2023 | Aug 01, 2023 | Aug 01, 2023 | $0.359 | 1.47% |
| 5 | May 01, 2023 | May 01, 2023 | May 01, 2023 | $0.359 | 1.45% |
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