1 Chart JPMorgan Shareholders Should See
JPMorgan Chase & Co. (NYSE: JPM) reported, Tuesday before the bell, stronger-than-expected results for its first quarter. Responding to the call, the stock gained about 1.4 percent in the morning hours.
Chart expert Serge Berger provided some insight on the stock. Berger believes that, “in many ways it's make or break time for the banks this week. With interest rates scheduled to remain low for longer than initially expected by the street earlier this year, banks may not see a big improvement in net interest margins but could see more M&A deals taking place, benefiting the investment banking arms.”
Regarding JPMorgan Chase in particular, Berger said “the stock hasn't done a whole heck of a lot in the past twelve months in the grander scheme of things, but it is notable how violently both its October 2014 and January 2015 dips were bought, i.e a sign of strength.”
He continued: “Over the past few weeks the stock has been coiling up below a lateral resistance line around the $62 are that has served as resistance for the stock since last September. JPM likely needs to push and hold above the $62.50 area in order to stand a better chance of regaining upside momentum and push out of the bigger picture consolidation phase for a move into $65 - $66."
The stock last traded above $63 per share.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.