JPMorgan tries to recoup losses - Analysis - 24-05-2022

Economies.com
2022-05-24 12:21PM UTC

JPMorgan's stock (JPM) surged 6.19% in the last session, or 7.26 points, settling at 124.60, with trading volumes surpassing 24.3 million shares, above 10-day averages of 14.2 million shares.

 

The gains came after the company raised net income forecasts from loans by 12% for the 2022 financial year, to more than $56 billion, as the Fed is expected to hike rates to 3% by the end of the financial year.

 

Technically, the stock is gathering momentum after the support of 115.77 held on, amid attempts to recover some losses, testing the resistance of the downward correctional short-term trend line, amid negative pressure from the 50-day SMA, coupled with negative signals from the RSI.

 

Therefore we expect the stock to return lower, targeting the support of 115.77 anew, provided the resistance of 127.52 holds on.

 

Expected trend for today: Bearish

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