JBHT closes within prior day's range

J. B. Hunt Transport Services (JBHT) Technical Analysis Report for Sep 14, 2018

Highlights

JBHT unable to break through key resistance level
JBHT finds buyers again around 123.74
JBHT closes within previous day's range

TQ Sentiment

Report Sentiment: 42% Bullish
Technical Forecast:

Overview

JBHT finished the week 1.28% higher at 124.56 after gaining $0.69 (0.56%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily chart for JBHT

Volatility

Friday's trading range was $1.80 (1.45%), that's slightly below last trading month's daily average range of $2.13. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the stock managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to a key support level at 123.22. Unable to break through the key technical resistance level at 124.87, the share closed below it after spiking as high as 125.54 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 123.55 in the previous session, the market found buyers again around the same price level today at 123.74.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Selling could speed up should prices move below the nearby swing low at 123.55 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for J. B. Hunt Transport Services

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Latest Report:

JBHT pushes through key resistance level

Sep 18, 2018
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