JP Morgan Close to the 50 Day

Published on Wednesday, 13 April 2011 05:52 Written by Christopher Lynn

New York, April 13th (TradersHuddle.com) - Shares of JP Morgan Chase & Co. (NYSE:JPM) closed the trading day at $46.64 close to its 50 day moving average currently set at $46.03. JP Morgan's price action is just above this important support level translating into a trading opportunity.

JPMorgan Chase & Co. (NYSE:JPM) provides global financial services and retail banking. The Company provides services such as investment banking, securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals. JP Morgan, the second largest U.S. lender, was founded in 1823 and is headquartered in New York, NY.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $43.40 and calculated resistance at $47.80. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on JP Morgan will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.