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- 1 JP Morgan stock price surged more than 2% in the last three intraday sessions.
- 2 JP Morgan share (NYSE: JPM) price bounced back from the 200-day EMA.
- 3 The company is yet to announce quarterly results on Friday, 13th October.
JP Morgan Chase & Co. stock price bounced back from the 200-day EMA and currently struggles to break above the 50-day EMA. The stock price has a bullish trend prevailing in the long-term. However, the short-term trend does not seem to support it thus, creating volatility and some sort of corrections.
The price trend analysis demonstrates that the JPM stock has maintained a bullish outlook above the key EMAs of the 50-day and 200-day in the last three quarters. Moreover, the current quarter hasn’t been good for JP Morgan investors as the stock price entered a correction phase below the 50-day EMA after a short-term surge at the very start of the quarter.
The daily chart witnesses the formation of a declining parallel channel pattern and the stock price correcting respecting the channel.
Furthermore, JP Morgan Chase & Co. is yet to announce quarterly results on 13th October, post which, the stock price might decide a clear trend. The analysts estimate the company to deliver a revenue of $39.62 Billion and earnings of $3.949 Billion. The stock price seems to be discounted at the moment and hence outperforming results might be welcomed by the investors.
The price might continue to correct more until it is maintained in the channel pattern. However, the breakout of the channel might trigger a bullish rally and the stock price may resume its long-term trend.
JP Morgan stock derivatives data analysis states that the current implied volatility in the market is 24.64% with a decrement of 0.89% in the last trading session. The at-the-money strike price has 1,154 open contracts on the PUT side and 2,595 open contracts on the CALL side indicating the dominance of sellers at the CMP.
JP Morgan Stock Price Forecast For 2023
The average analyst price target for JP Morgan stock in 2023 is $169.41, which represents a potential upside of 15.92% from the current price. However, there is a wide range of analyst price targets between $140 to $215.
The most optimistic analysts believe that JP Morgan stock could reach $215 in 2023 if the global financial and banking industry grows strongly and JP Morgan is able to successfully come up with new investment and banking products.
Technical Indicators Signal Neutral To Bullish Sentiments
The overall technical indicators including RSI and MACD opinion rating for the JPM stock is a 24% “buy” with a weakening short-term outlook on maintaining the current trend.
Conclusion
JP Morgan stock price has a long-term bullish trend but faces short-term volatility and correction. The stock price is in a declining channel pattern and awaits quarterly results on Friday, 13th October. Analysts expect a revenue of $39.62 Billion and earnings of $3.949 Billion.
The stock price is discounted and may rise if the results are positive. The average analyst price target for 2023 is $169.41, with a range of $140 to $215. The most optimistic analysts predict $215 if the global financial and banking industry grows strongly.
Technical Levels
- Support Levels: $143.22 and $140.08
- Resistance Levels: $146.80 and $151.33
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
