JPMorgan Shares Hit Record High After 2.5% Earnings Rally
Updated
Updated · CNBC · Jul 15
JPMorgan Shares Hit Record High After 2.5% Earnings Rally
3 articles · Updated · CNBC · Jul 15
Summary
JPMorgan closed at an all-time high after swinging from a drop of more than 2% to finish Tuesday up 2.5% following its quarterly earnings report.
The reversal produced a large bullish engulfing pattern, set a new intraday high and erased nearly three weeks of prior price action, reinforcing the earnings-driven move.
On weekly charts, the stock remains near the middle of an upward-sloping channel that has held since its October 2022 bottom, suggesting the rally is not yet historically stretched.
Monthly charts point to a possible breakout from a multi-year base, a setup that has previously preceded extended advances; as a top XLF holding, JPM's move could also support the broader financial sector.