Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

J.P. Morgan Chase & Co (JPM) said on Monday that it would expand its branch network in Philadelphia and the Delaware Valley. The move represents part of the bank’s recently disclosed $20-billion, five-year investment in its business as well as in the regions economic growth.

J.P. Morgan Chase shares closed lower for a second consecutive trading session in New York on Monday. The stock went down 0.96% ($1.13) to $116.72, after touching an intraday low at $116.43, or a price level not seen since September 19th ($114.44).

Shares of J.P. Morgan Chase & Co have risen 9.15% so far in 2018 compared with a 9.19% gain for the underlying index, S&P 500 (SPX).

In 2017, J.P. Morgan’s stock soared 23.93%, thus, it outperformed the S&P 500, which registered a 19.42% return.

J.P. Morgan Chase unveiled plans to open nearly 50 new branches and add 300 job positions in the Delaware Valley region over the next five years.

The planned expansion is expected to boost the Wall Street banks current base of over 1 million individual customers and more than 30 000 business customers in Philadelphia and the Delaware Valley region.

The bank also said it intended to establish 400 new branches and create 3 000 jobs in new markets within the upcoming five years.

At present, J.P. Morgan operates nearly 5 100 branches located across 23 states.

“The Delaware Valley is an incredibly important market for us,” Jamie Dimon, J.P. Morgans Chairman and Chief Executive, was quoted as saying in the firms press release.

“We already have thousands of employees here that serve our customers every day. This will create even more well-paying jobs with healthcare and retirement plans for people in the area, and better serve our existing and new customers,” Dimon added.

According to CNN Money, the 29 analysts, offering 12-month forecasts regarding J.P. Morgan Chase & Co’s stock price, have a median target of $122.00, with a high estimate of $135.00 and a low estimate of $85.00. The median estimate represents a 4.52% upside compared to the closing price of $116.72 on September 24th.

The same media also reported that 14 out of 31 surveyed investment analysts had rated J.P. Morgan Chase & Co’s stock as “Hold”, while 13 – 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 J.P. Morgan Chase stock are presented as follows:

R1 – $116.91
R2 – $117.09
R3 (Range Resistance – Sell) – $117.28
R4 (Long Breakout) – $117.84
R5 (Breakout Target 1) – $118.49
R6 (Breakout Target 2) – $118.76

S1 – $116.53
S2 – $116.35
S3 (Range Support – Buy) – $116.16
S4 (Short Breakout) – $115.60
S5 (Breakout Target 1) – $114.95
S6 (Breakout Target 2) – $114.68

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

Central Pivot Point – $116.80
R1 – $120.29
R2 – $122.74
R3 – $126.23
R4 – $129.73

S1 – $114.35
S2 – $110.86
S3 – $108.41
S4 – $105.97

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Gold on 2 1/2-month high on disappointing U.S. dataGold on 2 1/2-month high on disappointing U.S. data Gold surged to multi-week highs on Friday after disappointing U.S. New Homes Sales spurred speculation that the Federal Reserve might delay the imminent Quantitative Easing tapering, which most of the FOMC policy makers agreed should begin at […]
  • Forex Market: USD/CAD daily trading forecastForex Market: USD/CAD daily trading forecast Yesterday’s trade saw USD/CAD within the range of 1.1203-1.1264. The pair closed at 1.1229, losing 0.08% on a daily basis.At 7:53 GMT today USD/CAD was down 0.12% for the day to trade at 1.1218. The pair touched a daily low at 1.1214 at […]
  • Ford shares close lower on Thursday, company finalizes EV battery joint venture with SK OnFord shares close lower on Thursday, company finalizes EV battery joint venture with SK On Ford Motor Co (F) said in a regulatory filing on Thursday it had finalized the establishment of a joint venture with South Korean battery maker SK On Co that aims to set up and operate battery production facilities in the United […]
  • Forex Market: EUR/CHF daily trading forecastForex Market: EUR/CHF daily trading forecast Yesterday’s trade saw EUR/CHF within the range of 1.0077-1.0391. The daily high has also been the highest level since the Swiss National Bank abandoned the EUR/CHF floor on January 15th. The pair closed at 1.0277, surging 1.28% for the day, […]
  • Forex Market: EUR/CAD daily forecastForex Market: EUR/CAD daily forecast During yesterday’s trading session EUR/CAD traded within the range of 1.4550-1.4613 and closed at 1.4613.At 6:41 GMT today EUR/CAD was losing 0.02% for the day to trade at 1.4604. The pair touched a daily high at 1.4615 at 00:45 GMT, the […]
  • Barclays allocates 10% for bonuses despite weak fourth quarterBarclays allocates 10% for bonuses despite weak fourth quarter The second-largest bank by assets in the U.K – Barclays Plc increased the amount it pays out in bonuses by 10% even considering the fact that the division posted a loss in the fourth quarter.Barclays Plc made an official statement today, […]