JBHT closes within prior day's range
J. B. Hunt Transport Services (JBHT) Technical Analysis Report for Sep 14, 2018
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.
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 123.55 where further sell stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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