SerpApi.Org
JPMorganChaseJPM stock is trading in a 5% buy zone, making the Big Cap 20 component actionable after a strong earnings move in July.
The shares were heading for a robust monthly gain as the largest bank in the U.S. benefits from the surge in demand for artificial intelligence technology.
JPMorgan shares jumped roughly 2.5% on July 15, following the banking heavyweight's second-quarter earnings beat. The stock closed near the top of its range on an outside day, a bullish sign.
The stock initially broke out from the 337.25 buy point in late June but pulled back multiple times to touch off support at its 10-day and 21-day moving averages. But shares didn't close above the entry until July 6, according to MarketSurge charts. On July 15, shares punched above the buy point once again with gusto and heavy volume. Shares haven't closed below that level since.
Now, JPMorgan shares, in a consolidation pattern, are trading below the upper edge of a buy zone that runs up to 354.11. In another bullish move, the stock was on track for an eighth weekly win in a row.
For June alone, JPMorgan stock popped over 9%, followed by a 6% gain so far in July. Such moves stand out considering the stock has a 21-day Average True Range of 2.32%, indicating it's not prone to large price swings.
While the relative strength line is not yet at new highs, the stock's move up over the past few months is still noteworthy. JPMorgan shares have a 12-month Relative Strength Rating of 65 out of 99.