JP Morgan Chase shares close lower on Monday, up to $2 million to be contributed to struggle against racism

According to an internal memo by JP Morgan Chase & Co (JPM) released August 21st, an amount of up to $2 million is to be contributed to struggle against racism and in favor of human rights, following a white nationalist rally in Charlottesville, Virginia, that resulted in acts of violence and caused the death of a participant in the protest and injuries to at least 30 others.

JP Morgan Chase shares closed lower for the third time in the past six trading sessions on Monday. The stock edged down 0.12% ($0.11) to $90.63, after touching an intraday low at $90.17, or a price level not seen since June 28th ($88.60). In the week ended on August 20th the shares of the financial group lost 0.74% of their market value compared to a week ago, which marked a second consecutive period of decrease. The stock has extended its loss to 1.27% 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 stock has risen 5.03% so far during 2017.

According to a memo to employees, cited by Reuters, Peter Scher, the head of corporate responsibility, noted that the amount included $500 000 each to the Anti-Defamation League and the Southern Poverty Law Center in order “to further their work in tracking, exposing and fighting hate groups and other extremist organizations”.

Additionally, an amount of up to $1 million is to be donated by the banks employees to “a wide range of human and civil rights organizations”, while another $50 000 will be contributed to the Charlottesville Area Community Foundation.

According to CNN Money, the 27 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 $110.00 and a low estimate of $65.00. The median estimate is a 5.93% surge compared to the closing price of $90.63 on August 21st.

The same media also reported that 13 out of 30 surveyed investment analysts had rated JP Morgan Chase & Co’s stock as “Hold”, while 12 – as “Buy”. On the other hand, 2 analysts 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 – $90.70
R2 – $90.77
R3 (Range Resistance – Sell) – $90.84
R4 (Long Breakout) – $91.05
R5 (Breakout Target 1) – $91.30
R6 (Breakout Target 2) – $91.40

S1 – $90.56
S2 – $90.49
S3 (Range Support – Buy) – $90.42
S4 (Short Breakout) – $90.21
S5 (Breakout Target 1) – $89.96
S6 (Breakout Target 2) – $89.86

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 – $91.50
R1 – $92.80
R2 – $94.87
R3 – $96.17
R4 – $97.48

S1 – $89.43
S2 – $88.13
S3 – $86.06
S4 – $84.00