JP Morgan Chase shares retreat a fourth straight session on Wednesday, another shareholder vote on leadership to be conducted in May

According to a proxy statement filed on April 5th, JP Morgan Chase & Co (JPM) shareholders are to vote once again on a proposal, suggesting separation of the Chairman and the Chief Executive roles within the company. The shareholders annual meeting is scheduled on May 16th. Meanwhile, a vote on a similar proposal is to be conducted by Bank of America shareholders on April 26th.

JP Morgan Chase shares closed lower for a fourth straight trading session on Wednesday. The stock went down 1.28% ($1.12) to $86.19, after touching an intraday low at $86.13, or a price level not seen since March 27th ($85.23). In the week ended on April 2nd the shares of the financial group added 0.63% to their market value compared to a week ago, which marked the first gain in the past four weeks. The stock has extended its slump to 1.88% so far during the current month, following a 3.07% drop in March. The latter has been the largest monthly decrease since June 2016. For the entire past year, the shares of the DJIA-included financial holding company gained 30.68%.

The proposal was made by a shareholder who supports Corporate Governances good practices. However, the holding companys board does not support the proposed measure, as stated in the proxy.

JP Morgans current Chairman and Chief Executive Officer, Jamie Dimon, and the board have previously voted against similar proposals. At the banks annual meeting last year, only 32.6% of shareholder votes favored such a proposal. The largest share of votes in favor of separating the CEO and the Chairman roles was 40%, achieved in 2012.

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 – $86.41
R2 – $86.63
R3 (Range Resistance – Sell) – $86.85
R4 (Long Breakout) – $87.52
R5 (Breakout Target 1) – $88.29
R6 (Breakout Target 2) – $88.60

S1 – $85.97
S2 – $85.75
S3 (Range Support – Buy) – $85.53
S4 (Short Breakout) – $84.86
S5 (Breakout Target 1) – $84.09
S6 (Breakout Target 2) – $83.78

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 – $87.51
R1 – $89.79
R2 – $91.74
R3 – $94.02
R4 – $96.30

S1 – $85.56
S2 – $83.28
S3 – $81.33
S4 – $79.38