JP Morgan Near the 200 Day

Published on Tuesday, 07 February 2012 07:00 Written by TradersHuddle Wire

New York, February 7th (TradersHuddle.com) - Shares of JP Morgan Chase & Co. (NYSE:JPM) traded at $38.14 close to its 200 day moving average currently set at $36.70. JP Morgan's price action is just above this key support level, and it will certainly raise traders attention, as a possible 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.

Latest price action range, defined by a peaks and troughs algorithm places calculated support at $34.50 and calculated resistance at $38.50. These levels will certainly be watched by traders, as they provide insight into the latest price dynamics defined by JP Morgan stock.

Traders wanting to establish a position on JP Morgan will be looking at the price action for evidence of buying near the 200 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.