New York, August 28th (TradersHuddle.com) - JP Morgan Chase & Co. (NYSE:JPM) closed the trading day at $37.23, near its 50 day and 200 day moving averages currently set at $35.90 and $37.05 respectively. JP Morgan's price action placed the stock above these important levels, which could translate into a trading opportunity.JPMorgan Chase & Co. (NYSE:JPM) provides global financial services and retail banking. The Company provides services such as investment banking, securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals. JP Morgan, the second largest U.S. lender, was founded in 1823 and is headquartered in New York, NY.

Although, the price is above important moving averages, it's important to highlight that this is not a prime setup for buying the dip strategy, as the 50 day moving average is currently below the 200 day moving average.

The peaks and troughs algorithm shows calculated support at $36.67 and resistance at $38.86. These levels should also be evaluated by traders when planning their next move, as they provide an insight into the latest price action.

If traders want to establish a long position in JP Morgan, it will certainly be better to wait, given that the

stock is technically broken with the 50 day moving average trading below the 200 day moving average. Traders can also look at the current range defined by the peaks and troughs to establish a short trade versus those levels.

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