Shares of JPMorgan Chase (NASDAQ:JPM) are trending higher on Monday. Here’s what investors need to know.
- JPMorgan Chase stock is trading near recent highs. Where are JPM shares going?
What To Know: JPMorgan announced Monday that its asset management division’s first tokenized money market fund is now available on the Ethereum blockchain, making it the largest global systemically important bank to launch a tokenized money market fund on a public blockchain.
The fund invests only in traditional U.S. Treasury securities and repurchase agreements fully collateralized by U.S. Treasury securities. John Donohue, the head of global liquidity at JP Morgan Asset Management, said tokenization will change the speed and efficiency of transactions.
JPMorgan shares are bouncing back this week and briefly hit fresh highs on Monday. The stock was down last week after the company said it expects expenses to climb to about $105 billion next year. Marianne Lake, the company’s consumer and community banking chief, said the increase will be driven in large part by growth and volume related costs. The projection was higher than the market’s expectation of around $100.84 billion.
JPM Analysis: JPMorgan shares hit new highs on Monday before pulling back slightly. The stock is currently showing a strong technical setup, trading 4.2% above its 20-day SMA, 4.4% above its 50-day SMA, and 14% above its 200-day SMA, indicating strong upward momentum.
With an RSI of 58.10, the stock is in neutral territory, suggesting that it has room to move higher without being overbought. The MACD is also above its signal line, signaling bullish momentum in the stock.
Key support is at $291, while resistance is likely to be found at the session high around $322.88. If the stock approaches the resistance level, traders should watch for a potential breakout, while a drop to support could indicate a reversal or a consolidation phase.
The stock has been on a solid upward trajectory, with a 12-month performance of 33.66%. This strong return reflects the overall bullish trend, and traders should consider this longer-term perspective when making decisions.
Overall, the technical indicators and moving average relationships suggest that JPM is in a strong bullish trend. Traders should remain vigilant for key price levels and momentum shifts as they navigate this upward movement.
JPM Price Action: JPMorgan Chase shares were up 0.52%, trading at $320.18 at the time of publication, according to Benzinga Pro.
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