JPMorgan Chase & Co. (NYSE:JPM) reported yesterday that the entry point for the computer breach the bank faced earlier this summer has been found. According to security experts it is being said that the company could have avoided the breach if only it installed a security fix in one of the servers which are part of its vast server networks. The security breach was seen as a huge negative by analysts on the street as they believed it led to questions being raised about the credibility of the system and client monies.
The company in a recent statement said that it would be doubling its security efforts for its computer networks so that users do not have to face another such breach in the near future. It is being reported that the absence of a two step authentication scheme was not present at one of the company servers which led to hackers being able to breach the security system and steal data. The company also stated that they are investigating this oversight and trying to plug in any such loop-holes in the system in the interim.
When looking at the daily charts for JPMorgan Chase & Co. (NYSE:JPM), the stock has found very good support at the 50 day moving average at $59.98 and has been one of the best performing stocks in the sector, this past year. The momentum indicators for the stock have given a fresh buy signal which is indicative of the shift of momentum towards the buy side. The relative strength index has also given a fresh buy signal which is a huge positive. The stock currently trades above all important daily moving averages.
Long JPMorgan Chase & Co. (NYSE:JPM) at current levels for an intermediate target at $63 with a strict stop loss below $59.98
With over 20 years’ experience in the heart of the investment industry, Ben Myers has become one of the most respected commentators in the financial world. Having worked for global institutions such as HSBC and Bank of Ireland, Ben ran his own successful investment company in the UK before becoming chief analyst at ECMarkets and now YesOption. Ben remains a keen forex and binary options trader and is a regular featured analyst for a number of online news portals including bbc.com, investing.com, and was responsible for YesOption winning the Best Technical Analysis Award 2014 from DailyForex.com.