JBHT plummets, losing $5.22 (-4.95%) within a single day on high volume
J.B. Hunt Transport Services Inc. (JBHT) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, JBHT finished Tuesday at 100.28 tanking $5.22 (-4.95%) on high volume, strongly underperforming the Nasdaq 100 (0.34%) following Monday's earnings report. This is the biggest single-day loss in over a year. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (JBHT as at Apr 16, 2019):
JBHT reported earnings of $1.09 per share after Monday's market close. With analysts having expected an EPS of $1.25, J. B. Hunt Transport Services Inc. failed market expectations by -12.8%. The company's last earnings report was released on Jan. 17, 2019, when J. B. Hunt Transport Services Inc. reported earnings of $1.77 per share topping market expectations by 20.4%.
Tuesday's trading range has been $3.72 (3.72%), that's far above the last trading month's daily average range of $1.88. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for JBHT.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Shooting Star.
Prices are trading close to the key technical support level at 98.81 (S1). The share closed back below the 100-day moving average at 102.39 for the first time since April 10th. When this moving average was crossed below the last time on April 10th, JBHT actually gained 2.27% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Further selling could move prices lower should the market test March's close-by low at 96.37.
Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 50" stand out. Its common bearish interpretation has been confirmed for J. B. Hunt. Out of 102 times, JBHT closed lower 60.78% of the time on the next trading day after the market condition occurred.