JP MORGAN Q1 PROFIT TOPS EXPECTATIONS, STOCK ABOVE ALL MAs
JP Morgan Chase is currently trading at 109.79-higher by 3.35% as compared to the previous closing price. In the Premarket trading session, the stock was trading higher by 2.73%. The stock has continued gaining after the opening bell.
The bank today reported record quarterly profit and revenue that topped market expectations thanks to higher interest rates. JP Morgan generated EPS of $2.65 for the first quarter of 2019. The EPS was above the consensus estimates of $2.35. Company-wide revenue increased 5% to $29.9 billion for the quarter. The revenue exceeded the market expectation by about $1.5 billion.
In JP Morgan’s consumer lending division, it’s one of the two biggest segments, profit grew 19% to $3.96 billion. The bank said that it is expanding its branch network to cover almost all of the U.S. population by 2022.
On the technical front, the current price is above the MA5. The current price is above the upper band of the Bollinger Bands and is heading upwards. The RSI is currently at 69.82% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 109.60 TAKE PROFIT AT 110.30 STOP LOSS AT 109.30