JP Morgan Chase shares gain for a third session in a row on Wednesday, holding fined $4.6 million in relation to checking account reports

According to an August 2nd statement by the US Consumer Financial Protection Bureau, a fine of $4.6 million has been imposed on JP Morgan Chase & Co (JPM) over allegations the bank did not ensure that accurate information had been reflected in checking account screening reports. The screenings are conducted by companies such as ChexSystems and Certegy Check Services and are meant to facilitate a banks decision whether an individual should be allowed to open an account.

JP Morgan Chase shares closed higher for a third consecutive trading session on Wednesday. The stock inched up 0.09% ($0.08) to $93.11, after touching an intraday high at $93.21, or a price level not seen since July 25th ($93.52). In the week ended on July 30th the shares of the financial group added 0.43% to their market value compared to a week ago, which marked the first gain in the past three weeks, but yet, the smallest one since the week ended on April 23rd. The stock has extended its advance to 1.43% so far during the current month, following a 0.44% increase in July. The latter has been a second consecutive monthly gain, but yet, the smallest one since October 2014. For the entire past year, the shares of the NYSE-listed financial holding company gained 30.68%.

The financial holding did not have adequate procedures in order to make certain the information it had provided in the screening reports was accurate, the Consumer Financial Protection Bureau said. As a result, clients with clean pasts could have not been allowed to open an account, while individuals with negative histories could have been allowed to do so.

According to the CFPB, within the period between July 2010 and December 2014 thousands of customers questioned the information the bank provided in the screening reports, but, however, they never knew what the outcome of investigations into their disputes had been.

The agency also said that within the period between October 2014 and February 2015 17 500 individuals were turned down for checking accounts by JP Morgan Chase as a result of adverse information it had obtained in a screening report. However, the bank did not identify who the information provider had been.

According to CNN Money, the 25 analysts, offering 12-month forecasts regarding JP Morgan Chase & Co’s stock price, have a median target of $96.00, with a high estimate of $104.00 and a low estimate of $83.00. The median estimate is a 3.10% surge compared to the closing price of $93.11 on August 2nd.

The same media also reported that 13 out of 28 surveyed investment analysts had rated JP Morgan Chase & Co’s stock as “Hold”, while 11 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.

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 – $93.17
R2 – $93.24
R3 (Range Resistance – Sell) – $93.30
R4 (Long Breakout) – $93.50
R5 (Breakout Target 1) – $93.72
R6 (Breakout Target 2) – $93.81

S1 – $93.05
S2 – $92.98
S3 (Range Support – Buy) – $92.92
S4 (Short Breakout) – $92.73
S5 (Breakout Target 1) – $92.50
S6 (Breakout Target 2) – $92.41

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 – $91.90
R1 – $92.90
R2 – $94.51
R3 – $95.51
R4 – $96.50

S1 – $90.29
S2 – $89.29
S3 – $87.68
S4 – $86.06