JP MORGAN PROFIT BEATS ESTIMATES, STOCK SPIKES
JP Morgan Chase is currently trading at 114.45-higher by 0.51% as compared to the previous closing price. In the Premarket trading session, the stock was trading lower by 0.53%. The stock has pared all of its earlier losses and turned positive after the opening bell.
The bank today reported a record quarterly profit and revenue that topped market expectations due to income tax benefits. JP Morgan generated an EPS of $2.82 for the second quarter of 2019. The EPS was above the consensus estimates of $2.51. The bank brought in $29.57 billion in revenue for the second quarter. The revenue was above the consensus estimates of $28.84 billion.
JP Morgan, however, slashed its forecast for 2019 net interest income by $500 million to $57.5 billion. Previously, the bank expected $58 billion 2019 net interest income in the first quarter’s earnings call. Shares of J.P. Morgan Chase have risen 17% so far this year.
On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards. The RSI is currently at 60.17% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 114.25 TAKE PROFIT AT 115.30 STOP LOSS AT 113.75