Despite the good results, Wall Street had a mixed close
<p><a href="https://admiralmarkets.com/analytics/traders-blog/results-goldman-jpmorgan"><img data-resize="auto" data-resize="auto" data-resize="auto" data-resize="auto" data-resize="auto" style="width:auto;" class="img-responsive" data-src="https://fxmedia.s3.amazonaws.com/articles/mceu_59462023011618486060584.jpg" /></a></p>
<p><span>Despite Coinbase’s IPO being the star of Wall Street, with a 30% rise that led it to close at $328.28 per share, the market was also awaiting the financial quarterly results of 3 financial giants: JP Morgan Chase, Wells Fargo, and Goldman Sachs.</span></p>
<p><span>These results were especially positive, giving hope to this sector despite the current low interest rate policies due to the crisis caused by Covid-19, although the closing was notably uneven.</span></p>
<p> </p>
<h3><span>JP Morgan Chase Analysis </span></h3>
<p><span>JP Morgan is the largest bank in the United States, and presented very positive results despite having allocated more than 5 billion dollars in provisions to cover possible loan defaults.</span></p>
<p><span>Specifically, it announced </span><b>earnings per share of $4.5 and income of $33.1 billion </b><span>compared to $3.06 per share and $30.46 billion expected by the market consensus.</span></p>
<p><span>Technically speaking, we can see that after breaking the triangle that was formed after the strong falls at the beginning of the pandemic, the price has followed a strong upward trend until reaching a maximum of $ 161.68 last March, although in recent weeks it has been following a strong lateral range around its 18-session moving average.</span></p>
<p><span>Despite yesterday's good results, the price fell 1.89%, thus looking for the lower zone of the lateral channel. It is important that we analyze the price behaviour in the coming sessions since a break of the lower band of the channel could open the doors to a further decline and we cannot wait for a new upward momentum until it surpasses its current resistance level and the previous highs.</span></p>
<p><span><img data-resize="auto" src="https://fxmedia.s3.amazonaws.com/articles/mceu_39861416021618486175696.png" /></span></p>
<p><em><span>Source: Admiral Markets MetaTrader 5. JP Morgan daily chart. Data range: from December 19, 2019 to April 15, 2021. Prepared on April 15, 2021 at 12:10 CEST. Keep in mind that past returns do not guarantee future returns.</span></em></p>
<p><span>Price evolution in the last 5 years:</span></p>
<ul>
<li aria-level="1"><span>2020: -8.85%</span></li>
<li aria-level="1"><span>2019: 42.80%</span></li>
<li aria-level="1"><span>2018: -8.72%</span></li>
<li aria-level="1"><span>2017: 23.93%</span></li>
<li aria-level="1"><span>2016: 30.68%</span></li>
</ul>
<p> </p>
<h3><span>Wells Fargo Analysis</span></h3>
<p><span>Wells Fargo also announced positive quarterly results, of </span><b>$1.05 per share with an income of $18.06 billion, </b><span>compared to $0.6938 and $17.49 billion expected.</span></p>
<p><span>Technically speaking, these good results can give hope to continue its bullish channel that began at the end of last October. Although the trend seems clear after successively supporting the price in its 18-session average and surpassing its 200-session average, the price is still at levels prior to the start of the pandemic.</span></p>
<p><span>After its results, yesterday it rose by 5.61% so the feeling remains positive as long as the price does not break down the current bullish channel.</span></p>
<p><span><img data-resize="auto" src="https://fxmedia.s3.amazonaws.com/articles/mceu_80111325431618486183671.png" /></span></p>
<p><em><span>Source: Admiral Markets MetaTrader 5. Wells Fargo daily chart. Data range: from November 25, 2019 to April 15, 2021. Prepared on April 15, 2021 at 12:20 CEST. Keep in mind that past returns do not guarantee future returns.</span></em></p>
<p><span>Price evolution in the last 5 years:</span></p>
<ul>
<li aria-level="1"><span>2020: -43.90%</span></li>
<li aria-level="1"><span>2019: 16.75%</span></li>
<li aria-level="1"><span>2018: -24.05%</span></li>
<li aria-level="1"><span>2017: 10.09%</span></li>
<li aria-level="1"><span>2016: 1.38%</span></li>
</ul>
<p> </p>
<h3><span>Goldman Sachs Analysis</span></h3>
<p><span>Finally, Goldman Sachs announced </span><b>positive quarterly results also exceeding market expectations, by reaching an earnings per share of $18.6 with strong revenue of $17.7 billion</b><span> versus the expected $10.1 and $12.7 billion.</span></p>
<p><span>Technically speaking, during the trading session yesterday, the price rose 2.43%, thus continuing the rebound and again exceeding its 18 session average. Observing the graph, we can see how the price has experienced a strong upward trend in recent months after exceeding the strong lateral range that occurred during the months of May and November of last year, which has led it to mark maximums at 356.74 dollars per share last March, where a small correction began due to the accumulated overbought during the final section and beginning of this year and the bearish divergence observed in its MACD indicator.</span></p>
<p><span>As long as the price maintains its current support levels (red) the feeling will continue to be bullish. Losing this level may open the door to a further correction.</span></p>
<p><span><img data-resize="auto" src="https://fxmedia.s3.amazonaws.com/articles/mceu_88421453741618486191210.png" /></span></p>
<p><em><span>Source: Admiral Markets MetaTrader 5. Goldman Sachs daily chart. Data range: from December 17, 2019 to April 15, 2021. Prepared on April 15, 2021 at 12:30 CEST. Keep in mind that past returns do not guarantee future returns.</span></em></p>
<p><span>Price evolution in the last 5 years:</span></p>
<ul>
<li aria-level="1"><span>2020: 14.69%</span></li>
<li aria-level="1"><span>2019: 37.64%</span></li>
<li aria-level="1"><span>2018: -34.43%</span></li>
<li aria-level="1"><span>2017: 6.39%</span></li>
<li aria-level="1"><span>2016: 32.86%</span></li>
</ul>
<p><span>With the Admiral Markets Trade.MT5 account, you can trade Contracts for Differences (CFDs) of JPMC and more than 3000 stocks! CFDs allow traders to try to profit from the bull and bear markets, as well as the use of leverage. Click on the following banner to open an account today:</span></p>
<p><a href="https://admiralmarkets.com/trading-platforms/metatrader-5"><img data-resize="auto" src="https://fxmedia.s3.amazonaws.com/articles/MT5_CTA-15.png" alt="Trade With MetaTrader 5" /></a></p>
<p><b><em>INFORMATION ABOUT ANALYTICAL MATERIALS:</em></b></p>
<p><em><span>The given data provides additional information regarding all analysis, estimates, prognosis, forecasts, market reviews, weekly outlooks or other similar assessments or information (hereinafter “Analysis”) published on the websites of Admiral Markets investment firms operating under the Admiral Markets trademark (hereinafter “Admiral Markets”) Before making any investment decisions please pay close attention to the following:</span></em></p>
<ol>
<li aria-level="1"><em><span>This is a marketing communication. The content is published for informative purposes only and is in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.</span></em></li>
<li aria-level="1"><em><span>Any investment decision is made by each client alone whereas Admiral Markets shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content.</span></em></li>
<li aria-level="1"><em><span>With view to protecting the interests of our clients and the objectivity of the Analysis, Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.</span></em></li>
<li aria-level="1"><em><span>The Analysis is prepared by an independent analyst, Roberto Rojas (analyst), (hereinafter “Author”) based on their personal estimations.</span></em></li>
<li aria-level="1"><em><span>Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis.</span></em></li>
<li aria-level="1"><em><span>Any kind of past or modeled performance of financial instruments indicated within the content should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.</span></em></li>
<li aria-level="1"><em><span>Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, please ensure that you fully understand the risks involved.</span></em></li>
</ol>
Leave a Comment