Trading Idea: Key levels for JP Morgan

By Traders Huddle | August 06, 2012 AAA

New York, August 6th (TradersHuddle.com) - Shares of JP Morgan Chase & Co. (NYSE:JPM) ended the trading session close to calculated support at $34.76, a level that will raise the attention of traders looking for an entry point.JP Morgan's stock range is defined by its calculated support defined at $34.76 and by the resistance level at $37.20. This range could be used as a reference by traders planning their next move. The area where buyer interest might materialize is defined as calculated support. Stocks trading near support might see upside if it can successfully hold the technical level. However, this area

if breached will signal participants that the stock failed to entice buyers to step in to support it.

Traders wanting to establish a position should pay close attention to JP Morgan's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $37.20 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.

Shares of JP Morgan Chase & Co. closed at $36.09 in the prior trading session.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.

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