JBHT climbs to highest close since February 21st
J.B. Hunt Transport Services Inc. (JBHT) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, JBHT finished the week 10.52% higher at 108.46 after gaining $2.35 (2.21%) today, significantly outperforming the Nasdaq 100 (0.38%) ahead of tomorrow's Memorial Day market holiday. Today's close at 108.46 marks the highest recorded closing price since February 21st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 106.59, J. B. Hunt confirmed its breakout through the previous session high after trading up to $1.98 above it intraday.
Daily Candlestick Chart (JBHT as at May 22, 2020):
Friday's trading range has been $3.50 (3.3%), that's above the last trading month's daily average range of $3.01. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for JBHT.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close above the 200-day moving average at 107.46 for the first time since April 17th. When this moving average was crossed above the last time on April 17th, JBHT actually lost -6.22% on the following trading day. After having been unable to move lower than 104.72 in the prior session, the share found buyers again around the same price level today at 105.07.
Crossing above the upper Bollinger Band for the first time since September 10, 2019, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 102.22 or signal the beginning of a strong momentum breakout leading to even higher prices.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for J. B. Hunt. Out of 47 times, JBHT closed lower 59.57% of the time on the next trading day after the market condition occurred.