According to a Reuters report on Monday, citing a spokesperson for the Libyan Investment Authority (LIA), a lawsuit has been filed by the fund against JP Morgan Chase & Co (JPM) in London. However, details were not disclosed.
JP Morgan Chase shares closed higher for the fourth time in the past six trading sessions on Monday. The stock went up 1.20% ($1.31) to $110.40, after touching an intraday high at $112.98, or a price level not seen since March 22nd ($113.60).
In the week ended on April 8th the shares of the banking group lost 0.80% of their market value compared to a week ago, which marked the third drop out of four weeks.
Due to yesterdays gain, the stock has neutralized earlier losses and is now up 0.39% so far during the current month, following a 4.79% drop in March. The latter has been a second straight monthly loss and also the largest one since May 2017.
For the entire past year, the shares of the NYSE-listed financial holding company rose 23.93% following another 30.68% surge in 2016.
Previously, two other financial institutions faced lawsuits brought by the LIA to courts in London. They were associated with trades executed at a time when Muammar Gaddafi still held power in the North African country.
Reuters reminded that in May 2017 Societe Generale had settled a long-running dispute with the Libyan Investment Authority by paying it almost EUR 1 billion.
A year earlier, the fund lost a seven-week legal dispute against Goldman Sachs associated with equity derivatives trades.
According to CNN Money, the 28 analysts, offering 12-month forecasts regarding JP Morgan Chase & Co’s stock price, have a median target of $120.00, with a high estimate of $135.00 and a low estimate of $65.00. The median estimate is an 8.70% surge compared to the closing price of $110.40 on April 9th.
The same media also reported that 14 out of 31 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 – $110.68
R2 – $110.95
R3 (Range Resistance – Sell) – $111.23
R4 (Long Breakout) – $112.06
R5 (Breakout Target 1) – $113.02
R6 (Breakout Target 2) – $113.42
S1 – $110.12
S2 – $109.85
S3 (Range Support – Buy) – $109.57
S4 (Short Breakout) – $108.74
S5 (Breakout Target 1) – $107.78
S6 (Breakout Target 2) – $107.38
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 – $109.33
R1 – $112.59
R2 – $116.08
R3 – $119.34
R4 – $122.59
S1 – $105.84
S2 – $102.58
S3 – $99.09
S4 – $95.59
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
