Shares in JP Morgan Chase and Co (symbol ‘JPM’) had a rather aggressive bullish rally beginning in late October and managed to gain around 20% in just 2 months. JPM is expected to release its earnings report for the quarter ending December 2023 on Friday 12 January, before market open. The consensus estimate for earnings per share is $3.64 compared to the result for the same quarter last year of $3.57.
‘ As of 30/09/2023 the net income of the bank has increased by 37% year over year while at the same time the current ratio is at 90% indicating that any short term turmoil could potentially have a significant impact on the operations of the company. From a dividend perspective the yield is currently at 2.34% which is rather positive from the shareholders viewpoint making the share of the company somewhat more attractive.’ said Antreas Themistokleous, an analyst at Exness.
On the technical side the price has been trading in a steady bullish momentum for the last 2 months and is on track to break it's all time high level of $171.78 which was set on 22 October 2021. The Stochastic oscillator is in the extreme overbought level for a prolonged amount of time while the price is trading above all technical indicators potentially indicating a correction in the following sessions leading up to the earnings release. On the other hand the 50 day moving average is trading above the slower 100 day moving average validating the overall bullish trend in the market.