JPMorgan stock surges as bank expects higher interest income

JPMorgan Chase & Co (JPM.US) shares jumped more than 7.0% on Monday after one of the major investment banks lifted its financial guidance for net interest income and said that a 17% return on tangible common equity “remains our target and may be achieved in 2022”. It is a huge change of rhetoric compared to earlier this year, when CFO Jeremy Barnum warned that headwinds, including rising costs, would cause the company to miss its target for the next one to two years.

JPMorgan Chase & Co (JPM.US) stock bounced off the local support at $115.00 last week and broke above the lower limit of the descending channel during today's session. If current sentiment prevails, upward movement may accelerate towards resistance at $136.20 which coincides with 38.2% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5