JP Morgan Is Near a Key Resistance Area
Published on Monday, 24 December 2012 07:40 Written by TradersHuddle Wire
New York, December 24th (TradersHuddle.com) - Shares of JP Morgan Chase & Co. (NYSE:JPM) are trading very close to calculated resistance at $44.54. The stock ended the trading session at just $44.00, which is near levels that make it difficult to buy or start a position.
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.
JP Morgan's stock range is defined by its calculated support defined at $38.83 and by the resistance level at $44.54; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for JP Morgan. However, as the stock pulls back towards $38.83 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $44.54 then traders will get an opportunity to enter the stock as it moves to a higher range.