JP Morgan Is Approaching its 200 Day Moving Average
Published on Wednesday, 20 June 2012 06:36 Written by TradersHuddle Wire
New York, June 20th (TradersHuddle.com) - JP Morgan Chase & Co. (NYSE:JPM) closed the trading session at $35.38, near its 200 day moving average set at $36.26. JP Morgan's stock action is below this level, which makes the stock difficult to be bought, as it will face resistance as it approaches its 200 day moving average.
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, placed calculated support at $32.51 and resistance at $35.07. Traders should closely monitor these levels, as they provide great reference points for the latest price action in JP Morgan.
If traders want to establish a position on JP Morgan, given that resistance could materialize as the stock approaches its 200 day moving average, a trade might materialize as the stock manages to break this important level. After the breakout, the 200 day moving average could be used as support going forward. However, until the break materializes, traders need to exercise patience.
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