This pharma stock price plunged again... Good! We buy lows and sells highs, don't we?
JPMorgan: trade the earnings report!
2021-01-11 • Updated
This Friday, at 15:30 MT time, JPMorgan Chase will release its Q4’2020 earnings report. As for most stocks, this report is expected to be quite impactful for the stock price. Here is what we have on the technical side.
February saw this stock price fall from $140 to $80. After that, it started recovering. The process was quite far from V o U-shape at the time as the price spent most of 2020 below $100. However, in November 2020, it leaped above $110 and kept going upwards. Thanks to its most recent achievement, we are now seeing it approach $140.
In the meantime, this recent uptrend has been considerably aggressive so we have to factor in a significant downward correction in the mid-term. Therefore, the question for this stock now is whether the quarterly report coming this week will push it above $140 or not. If not – that is, if the market is disappointed with the performance of JPMorgan in Q4’2020 – the expected area of the price-performance will likely be $125-135 in the nearest future. Otherwise, $140 will convert into the new support while the stock celebrates full recovery.
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