Technical Analysis – JPMorgan’s stock plunges to 2-year low ahead of earnings
The price plunged to 101.72 on Tuesday, reaching the lowest level since November 2020 ahead of the bank’s quarterly earnings results.
From a technical perspective, the bearish wave in the four-hour chart has not bottomed out yet as the RSI continues to slide towards its 30 oversold level. Moreover, the stochastics are moving sideways below 20, while the MACD has gained extra negative momentum below its red signal line.
The next destination could be the 99.25-97.80 familiar region, where the stock had been pivoting frequently before the pandemic. Even lower, the price may attempt to bounce on the 95.00 round level.
On the upside, the bulls will need to drive the stock above the 20-period simple moving average (SMA) at 107.12 to boost buying appetite. Higher up, some congestion could develop somewhere between 110.25 and the 50-period SMA. If gains persist, the stock may attempt to breach October’s peak and run beyond 113.00.
All in all, JPMorgan’s stock is exposed to additional losses, though the bearish wave could continue at a softer pace as the price is trading near the oversold zone.
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