JPMorgan's financial results, as well as other leading U.S. banks, exceeded market expectations. As a result, shares rebounded sharply from annual minimums. But after 3 days of strong growth market participants are starting to cut some of their positions in stocks, fixing good profits.
Yesterday the stock also closed the day with a quite good growth of 2.4%. Despite of the fact, inside the trading session the dynamics were not so optimistic. As a result, the closing price was lower by almost 1% than the opening one, which formed hanging man pattern.
Stochastic moved into the overbought zone, but a complete-fledged sell signal has not been formed yet. It is still possible to reach the last growth targets at the levels of 121.5 and 124.2. Further correction to the level of 112 is more possible.