Above Resistance: JP Morgan

Published on Thursday, 21 June 2012 06:24 Written by TradersHuddle Wire

New York, June 21st (TradersHuddle.com) - Shares of JP Morgan Chase & Co. (NYSE:JPM) closed the session at $36.45 just above calculated resistance at $35.07. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.

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.

The stock was trading in a well defined range with support at $32.51 and resistance at $35.07. Given that this range was broken, traders will be closely monitoring JP Morgan's price action to gather clues on the future direction.

From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that JP Morgan is still near the broken resistance level, traders will be focusing on the $35.07 level to see if the stock holds the breakout without rolling over.