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