JP Morgan Chase shares hit a fresh all-time high on Wednesday, bank announces the acquisition of payments start-up WePay

JP Morgan said earlier this week that it would acquire payments start-up WePay. However, no financial details of the deal have so far been revealed by the two entities. This would be JP Morgan’s first major purchase of a financial technology company.

JP Morgan Chase shares closed higher for the second time in the past six trading sessions on Wednesday. The stock edged up 0.38% ($0.37) to $97.99, after touching an intraday high at $98.54 and also a fresh all-time high.

In the week ended on October 15th the shares of the financial group lost 1.09% of their market value compared to a week ago, which marked the first drop out of five weeks.

However, the stock has extended its advance to 2.60% so far during the current month, following a 5.08% surge in September. The latter has been the best monthly performance since June.

For the entire past year, the shares of the NYSE-listed financial holding company gained 30.68%. The stock has risen another 13.56% so far in 2017.

On-line marketplaces and crowdfunding websites use the software provided by WePay for payment-processing purposes.

WePay’s payments technology would be rolled out to JP Morgan’s small business customer segment, the bank said.

Meanwhile, according to a report by the Wall Street Journal, the deal may be valued at more than $220 million.

According to CNN Money, the 27 analysts, offering 12-month forecasts regarding JP Morgan Chase & Co’s stock price, have a median target of $99.00, with a high estimate of $110.00 and a low estimate of $65.00. The median estimate is a 1.03% surge compared to the closing price of $97.99 on October 18th.

The same media also reported that 14 out of 30 surveyed investment analysts had rated JP Morgan Chase & Co’s stock as “Hold”, while 11 – 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 – $98.07
R2 – $98.16
R3 (Range Resistance – Sell) – $98.24
R4 (Long Breakout) – $98.49
R5 (Breakout Target 1) – $98.77
R6 (Breakout Target 2) – $98.89

S1 – $97.91
S2 – $97.83
S3 (Range Support – Buy) – $97.74
S4 (Short Breakout) – $97.50
S5 (Breakout Target 1) – $97.21
S6 (Breakout Target 2) – $97.09

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 – $96.11
R1 – $97.25
R2 – $98.65
R3 – $99.79
R4 – $100.94

S1 – $94.71
S2 – $93.57
S3 – $92.17
S4 – $90.78