JBL breaks below Wednesday's low
Jabil Inc. (JBL) Technical Analysis Report for Mar 14, 2019 | by Techniquant Editorial Team
JBL finished Thursday at 27.41 losing $0.25 (-0.9%), underperforming the S&P 500 (-0.09%) ahead of today's earnings report. Closing below Wednesday's low at 27.46, the share confirmed its breakout through the prior session low after trading up to $0.18 below it intraday.
Daily Candlestick Chart (JBL as at Mar 14, 2019):
JBL is set to report earnings after today's market close. For the upcoming report, analysts expect the company to have earned $0.6 per share. The company's last earnings report was released on Dec. 18, 2018, when Jabil Inc. reported earnings of $0.9 per share beating market expectations by 5.9%.
Thursday's trading range has been $0.52 (1.88%), that's slightly above the last trading month's daily average range of $0.48. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for JBL.
Prices are trading close to the key technical support level at 27.00 (S1).
Although the market is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Stock Earning Report based market condition "Trading Day before Earnings Report" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Jabil. Out of 28 times, JBL closed higher 60.71% of the time on the next trading day after the market condition occurred.