JPMorgan (JPM.US) stock dropped more than 2.5% despite the fact that the company posted upbeat quarterly figures. One of the major US banks earned $ 3.78 per share in Q2 beating the $ 3.21 consensus estimate. Revenue of $31.4 billion also topped Wall Street’s estimates of $30.06 billion. However this figure was supported by the release of reserves which JPMorgan had set aside for pandemic-related defaults. Also trading revenue fell 30% to $8.1 billion, hurt mainly by weakness in bond trading, which was down 44% from last year. CEO Jamie Dimon said in a statement consumer and corporate balance sheets remain "exceptionally strong as the economic outlook continues to improve." He pointed to a sharp decline in bad loans as evidence of the "increasingly healthy condition of our customers and clients."
JPMorgan (JPM.US) - yesterday buyers failed to break above the upper limit of the 1:1 structure and the price pulled back. Today stock remained under pressure and broke below 200 SMA (red line). If the current sentiment prevails, then the next target for bears is located around $150.00 and is marked by the lower limit of the 1:1 structure and the upward trendline. Source: xStation5
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