JP MORGAN PROFIT BEATS ESTIMATES, STOCK SPIKES

In the Premarket trading session, JP Morgan’s stock was trading at 138.50- higher by 0.95% as compared to the previous closing price.

The bank today reported a better-than-expected fourth quarter profit and revenue that topped market expectations. The bond trading revenue is up by 86% compared to last quarter. JP Morgan generated an EPS of $2.57 for the fourth quarter of 2019. The EPS was above the consensus estimates of $2.35. The bank brought in $29.2 billion in revenue for the fourth quarter. The revenue was above the consensus estimates of $27.94 billion.

JP Morgan’s CEO Jamie Dimon said that the company managed to produced better-than-expected revenue in the fourth quarter due to surge in the bond trading revenue. The profit for the fourth quarter rose by 21% to 8.52 billion. However net yield on interest-earnings was impacted by lower interest rates.

The stock made a 52-week high of $141.1 and a 52-week low of 98.09. the net change for year 2019 is 37.32%

On the technical front, the current price is above the MA5 and MA20. The current price is above the middle line of the Bollinger Bands and is heading upwards. On the candlestick pattern the stock formed a bullish engulfing pattern in the previous trading session.

Overall Bias is Positive, and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

TRADE SUGGESTION- LIMIT BUY AT 138.50 TAKE PROFIT AT 139.10 STOP LOSS AT 138.20

 

 

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