JBHT closes within prior day's range
J.B. Hunt Transport Services Inc. (JBHT) Technical Analysis Report for Mar 27, 2020 | by Techniquant Editorial Team
JBHT ended the week 11.7% higher at 90.06 after losing $3.67 (-3.92%) today, slightly underperforming the Nasdaq 100 (-3.91%). Trading up to $2.30 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (JBHT as at Mar 27, 2020):
Friday's trading range has been $5.33 (5.95%), that's slightly below the last trading month's daily average range of $5.68. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for JBHT.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on February 21st, JBHT actually lost -3.97% on the following trading day.
After trading as low as 87.34 during the day, the market found support at the 20-day moving average at 88.17. Prices are trading close to the key technical resistance level at 93.01 (R1).
Although the stock is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could accelerate should prices move above the close-by swing high at 94.93 where further buy stops might get activated. As prices are trading close to March's high at 98.15, upside momentum could speed up should J. B. Hunt mark new highs for the month.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for J. B. Hunt. Out of 437 times, JBHT closed higher 55.61% 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 56.29% with an average market move of 0.70%.