JP MORGAN MISSES PROFIT EXPECTATIONS, STOCK FALLS BELOW MA5

JP Morgan Chase is currently trading at 99.58-lower by 1.35% as compared to the previous closing price. In the Premarket trading session, the stock was trading lower by 2.70%. The stock has pared some of its losses after the opening bell.

The bank posted quarterly profit below the market expectation for the first time in 15 quarters as choppy markets late last year impacted bond-trading desks. JP Morgan generated EPS of $1.98 for the fourth quarter of 2018. The EPS was below the consensus estimates of $2.20.  Company-wide revenue rose 4% to $26.8 billion, just under the market expectation of $26.84 billion.

The biggest shortfall appeared to come from the bank’s trading division, where fixed-income trading produced $1.86 billion in revenue, compared to the median forecast of $2.2 billion.

On the technical front, the current price is below the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards. The RSI is currently at 46.88% and suggests that the market can move in the downward direction.

 

TRADE SUGGESTION- LIMIT SELL AT 99.90 TAKE PROFIT AT 98.90 STOP LOSS AT 101.40

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