By Bryan McCormick
JP Morgan (NYSE:JPM) is facing some key technical levels ahead of its earnings report tomorrow before the markets open. The stock has been rising in a bullish price channel since the market's mid-March lows, as shown on the chart below. If the earnings results are neither strongly bullish nor bearish, JPM could trade within the confines of the channel's boundaries of $46.24 and $48.16.
A break above the channel would be a positive development. Such a move could see the stock move up to the 52-week high at $48.36. A move above that level would be even more bullish, with next resistance at $49.29.
If the news or outlook are bearish, the channel's low point of $46.24 could be broken. The pivot low from mid-March at $43.40 could then become the potential downside. A break of the bottom of channel would end the current short-term uptrend.