JBHT closes within previous day's range
J.B. Hunt Transport Services Inc. (JBHT) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
JBHT finished Wednesday at 111.07 losing $0.42 (-0.38%), slightly underperforming the Nasdaq 100 (0.02%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (JBHT as at Feb 13, 2019):
Wednesday's trading range has been $2.54 (2.33%), that's slightly above the last trading month's daily average range of $2.20. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for JBHT.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 112.15 (R1).
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the nearby swing high at 111.65 where further buy stops might get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for J. B. Hunt. Out of 716 times, JBHT closed higher 49.72% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 53.21% with an average market move of 0.43%.