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Trends & Analysis
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Week Ahead Preview: 22nd of April

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P&G shares rise despite Q3 sales miss

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Gold continues to shine amid geopolitical worries

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Crude oil dips for 3rd session after supply data

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GBP/USD recovers following wage report

Trends & Analysis
News

Week Ahead Preview: 22nd of April

News

P&G shares rise despite Q3 sales miss

News

Gold continues to shine amid geopolitical worries

News

Crude oil dips for 3rd session after supply data

News

Is there an AI upside for AMD?

News

GBP/USD recovers following wage report

Asset Watch

Buy the JPMorgan breakout?

Tuesday, January 16, 2024

It was a record-breaking year for JPMorgan, as the largest U.S. bank posted its highest-ever annual profit on Jan. 12 and its seventh consecutive quarter of record net interest income (NII). NII represents the difference between the interest the bank earns on its loans versus the interest it pays on its deposits. CEO Jamie Dimon said:
“Our record results in 2023 reflect over-earning on both NII and credit, but we remain confident in our ability to continue to deliver very healthy returns even after they normalize.”
If the U.S. economy avoids a recession and loans keep flowing, could a repeat of 2019 be on the horizon?

Looking back, JPMorgan’s stock was stuck in consolidation from early 2018 until late 2019, as attempts to break through resistance were rejected. However, after a meaningful breakout occurred soon after (labelled Breakout #1), the stock recorded several green weekly candles until the pandemic struck.

And with a similar pattern present now, further confirmation could be the cue for the next bull run. Throughout late 2021 and early 2022, JPMorgan failed to hold above the highs set in June 2021. But a breakout occurred in 2024, and if support holds, a short-term consolidation could give way to another sharp rally like we witnessed in 2019.

So, could JPMorgan flip from a value story to a momentum play, or will the breakout reverse in the weeks ahead?


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