Bank Stocks Getting Slammed: JPMorgan Chase (JPM)
JPMorgan Chase & Co. (NYSE:JPM) shares had been holding up well following its first-quarter earnings. When it last reported results on April 13, the bank reported better-than-expected earnings of $1.65 per share (12 cents ahead of estimates) on a 9% increase in average core loans. Revenues jumped 6.2% from the prior year period.
Now, however, JPM stock is dropping to test its year-to-date support range between $82.50 and $85. Similar to some of the other names on this list, JPMorgan is tracing out a massive, if somewhat lopsided, head-and-shoulders reversal pattern.
If violated with a break of its neckline support — again between $82.50 and $85 — it would result in a downside target of around $71, which would be a 17% drop from here as some of the Trump-related optimism is deflated.