JP Morgan Chase shares gain the most in a week on Wednesday, JP Morgan Securities to pay $900 000 in relation with supervision issues

According to a statement by the US Commodity Futures Trading Commission (CFTC) from January 11th, JP Morgan Securities LLC, a division of JP Morgan Chase & Co, will have to pay $900 000 in order to settle allegations accusing it of not being able to properly supervise the process of fee charging to clients making trades on the Chicago Mercantile Exchange (CME).

JP Morgan Chase shares registered their largest daily surge since January 3rd on Wednesday, while also marking a fourth consecutive session of gains. The stock went up 0.75% ($0.65) to $87.08, which has also been the daily high and a level not seen since January 5th ($87.11). In the week ended on January 8th the shares of the group lost 0.20% of their market value compared to a week ago, which marked a second consecutive period of decline, but yet, the smallest one since the week ended on July 31st 2016. However, the stock has extended its advance to 0.92% so far during the current month, after rising 7.63% in December. The latter has been a third consecutive month of gains. For the entire 2016, the shares of the DJIA-featured financial holding company gained 30.68%.

The statement by the CFTC revealed that JP Morgan Securities had not managed to implement and maintain reliable systems for invoice reconciliation from exchange clearing houses, containing the fee amounts, which clients had actually been charged within the period between 2010 and 2014.

Customers of JP Morgan Securities have been overcharged by almost $7.8 million, according to the regulator authority.

“We have refunded nearly all affected customers and implemented new systems and pricing arrangements to improve the accuracy of the firm’s exchange fee procedures and process”, Brian Marchiony, a spokesperson for JP Morgan Chase, said in a statement, cited by Reuters.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the JP Morgan Chase stock are presented as follows:

R1 – $87.19
R2 – $87.29
R3 (Range Resistance – Sell) – $87.40
R4 (Long Breakout) – $87.72
R5 (Breakout Target 1) – $88.10
R6 (Breakout Target 2) – $88.27

S1 – $86.97
S2 – $86.87
S3 (Range Support – Buy) – $86.76
S4 (Short Breakout) – $86.44
S5 (Breakout Target 1) – $86.06
S6 (Breakout Target 2) – $85.89

By using the traditional method of calculation, the weekly levels of importance for JP Morgan Chase & Co (JPM) are presented as follows:

Central Pivot Point – $86.38
R1 – $87.50
R2 – $88.88
R3 – $90.00
R4 – $91.12

S1 – $85.00
S2 – $83.88
S3 – $82.50
S4 – $81.12