JP MORGAN BEARISH ON FEE CUTS ANNOUNCEMENTS
JP Morgan is currently trading at $115.43 and has lost about 0.6% from the last closing. The closing price of JP Morgan Chase on Tuesday was $116.09 and has lost about 0.5% from the previous closing.
In recent news, JP Morgan has hired former Google executive, Apoorv Saxena, as its new head of artificial intelligence and machine learning who will join the firm on 31st August.
In other news about a week ago, JP Morgan in a bid to lure customers from the discount brokerage industry, announced that it will begin offering free stock trades for self-managed accounts through its Chase mobile banking app starting this week. According to a Bank spokesperson “ The service will be part of a new suite of investment products called “You Invest” through which customers will get at least 100 free trades of stocks and exchange-traded funds in their first year”. However shares of major discount brokerage firms fell due to fear of competitive tariffs after CNBC reported the offering was imminent.
On the technical front, the RSI is currently at 57.62% and suggests that the market can move in the downward direction. The current price is above the middle line of the Bollinger Bands but is heading downwards. MACD has also generated a selling or trend reversal signal as the fast line is below the slow line. Overall market sentiment seems to be mixed to negative.
TRADE SUGGESTION-LIMIT SELL AT 116.30 TAKE PROFIT AT 115.70 STOP LOSS AT 116.60