JPMorgan Chase Rebound Expected Ahead of the Result

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By :  ,  Financial Analyst

JPMorgan Chase (JPM): Rebound Expected Ahead of the Result

JPMorgan Chase (JPM) will release its 3Q results on October 13. The EPS is expected to be $2.21, vs $2.68 a year ago on revenue of $28.1 billion compared to $30.1 billion a year ago. The Company is the largest financial services and retail bank in the U.S., and on October 8th, the Co stated that Christine Moy will replace John Hunter as Global Head of Interbank Information Network, according to Bloomberg.

Recently, JPMorgan has agreed to pay more than $920 million and admitted to the mistakes to settle federal US market manipulation investigations into its metal futures and Treasury securities, according to the US authorities.

From a technical point of view, the stock posted a rebound after failing to break below July's low at $90.50 on a daily chart. The relative strength index also broke above a declining trend line drawn from June, suggesting that the momentum is turning upward.

Bullish readers could set the support level at $90.50, while resistance levels would be located at $106.50 and $115.50. Alternatively, only a break below $90.50 would erase the bullish outlook and trigger a correction to the low of May at $82.00.

Source: Gain Capital, TradingView
Related tags: Equities Earnings

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