JP Morgan Chase shares drop a second straight session on Friday, JP Morgan Cazenove strategists support German equities over French market

In a research note from February 20th, equity strategists at JP Morgan Cazenove, which became a wholly-owned part of JP Morgan back in 2010, showed their preference of the German stock market over French equities, in part because of risks surrounding the presidential election in France.

JP Morgan Chase shares closed lower for a second straight trading session on Friday. The stock went down 0.33% ($0.30) to $90.23, after touching an intraday low at $89.69, or a level not seen since January 15th ($89.35). In the week ended on February 19th the shares of the financial group added 3.71% to their market value compared to a week ago, which marked the third gain in the past four weeks and also the best performance since the week ended on January 29th. The stock has pared its advance to 6.62% so far during the current month, following a 1.92% drop in January. The latter has been the first monthly retreat since last September. For the entire 2016, the shares of the DJIA-included financial holding company gained 30.68%.

“Germany is a good hedge on French political risk – keep pair trade DAX vs CAC-40”, equity strategists wrote in the research note, cited by Reuters.

“The DAX is trading near 25-year P/E relative lows and is exceptionally attractive versus German bonds, whose TR (total return) is flat-lining over the past 12 months”, they noted.

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 – $90.30
R2 – $90.37
R3 (Range Resistance – Sell) – $90.44
R4 (Long Breakout) – $90.66
R5 (Breakout Target 1) – $90.91
R6 (Breakout Target 2) – $91.01

S1 – $90.16
S2 – $90.09
S3 (Range Support – Buy) – $90.02
S4 (Short Breakout) – $89.80
S5 (Breakout Target 1) – $89.55
S6 (Breakout Target 2) – $89.45

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 – $89.57
R1 – $91.70
R2 – $93.18
R3 – $95.31
R4 – $97.45

S1 – $88.09
S2 – $85.96
S3 – $84.48
S4 – $83.01