JP Morgan Chase shares close lower on Friday, group boosts its Greater China equities research team

According to a report by Reuters, citing a senior banker, six new recruits have been added to JP Morgans Greater China equities research team during 2017. The group was also reported to be planning a further expansion into this field next year.

JP Morgan Chase shares closed lower for the third time in the past nine trading sessions on Friday. The stock edged up 0.18% ($0.18) to $101.41, with the intraday high and the intraday low being at $101.53 and $100.73 respectively.

In the week ended on November 5th the shares of the financial group lost 0.35% of their market value compared to a week ago, which marked the second drop out of eight weeks.

The stock has pared its advance to 0.80% so far during the current month, following a 5.34% surge in October. The latter has been a second consecutive monthly gain and also the largest one since June.

For the entire past year, the shares of the NYSE-listed financial holding company gained 30.68%. The stock has risen another 17.52% so far in 2017.

The group hired four new analysts who are to join its technology team, one analyst was added to its infrastructure team and another one is to join JP Morgans energy team, all of which covering equities in Greater China.

“Weve increased our Greater China coverage by 20 percent (headcount). We do have a fairly aggressive investment plan in place for 2018 and 2019”, James Sullivan, JP Morgans head of Asia, excluding Japan, equity research, was quoted as saying by Reuters.

“What we are seeing now in particular is that some of the largest investors in the world are taking a very different stance on the A-share market”.

According to CNN Money, the 27 analysts, offering 12-month forecasts regarding JP Morgan Chase & Co’s stock price, have a median target of $102.00, with a high estimate of $115.00 and a low estimate of $65.00. The median estimate is a 0.58% surge compared to the closing price of $101.41 on November 3rd.

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 – $101.48
R2 – $101.56
R3 (Range Resistance – Sell) – $101.63
R4 (Long Breakout) – $101.85
R5 (Breakout Target 1) – $102.11
R6 (Breakout Target 2) – $102.22

S1 – $101.34
S2 – $101.26
S3 (Range Support – Buy) – $101.19
S4 (Short Breakout) – $100.97
S5 (Breakout Target 1) – $100.71
S6 (Breakout Target 2) – $100.60

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 – $101.14
R1 – $103.05
R2 – $104.32
R3 – $106.23
R4 – $108.13

S1 – $99.87
S2 – $97.96
S3 – $96.69
S4 – $95.41