JBHT closes above its opening price after recovering from early selling pressure


J. B. Hunt Transport Services (JBHT) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
JBHT rallies 6.19% on high volume
JBHT bounces off lows recouping most intraday losses
JBHT closes above its opening price after recovering from early selling pressure
JBHT pushes through 100-day moving average
JBHT finds buyers at key support level
TQ Sentiment
Report Sentiment: 70% Bullish
Technical Forecast:
Overview

JBHT ended Monday at 119.75 surging $6.98 (6.19%) on high volume. This is the biggest single day gain since Inception. Today's closing price of 119.75 marks the highest close since March 26th. Trading up to $4.72 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 114.88, the market confirms its breakout through the prior session's high having traded $6.77 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for JBHT
Volatility

Monday's trading range was $6.65 (5.55%), that's far above last trading month's daily average range of $3.44. Weekly volatility is also higher, being way above the markets average with the monthly volatility being above average.

Price Action

While trading as low as 115.00 during the day, the stock has decisively rejected those price levels and formed a bullish Pin Bar closing $4.75 above today's low.

Support/Resistance

After trading as low as 115.00 during the day, JBHT bounced off the key support level at 116.38. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 121.79. After trading as low as 115.00 during the day, the share found support at the 100-day moving average at 116.27.

Trend

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The stock managed to break above the 100-day moving average at 116.27 today for the first time since March 29th.

Order Flow

With prices trading close to this year's high at 126.23, upside momentum might accelerate should JBHT be able to break out to new highs for the year. Trading close to February's high at 124.16 we could see further upside momentum if potential buy stops at the level get activated.

Conclusion

While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for J. B. Hunt Transport Services
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Intraday Reversal TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bearish Hikkake Pattern TQ Pro Members Only
Bearish Spinning Top TQ Pro Members Only
More market conditions identified for TQ Pro members...
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