markirvine82

J looking for the break of long term channel and wedge

Long
NYSE:J   Jacobs Solutions Inc
J was in a long term channel between 2015 and 2019.
In August 2019 it broke this channel for a move higher, retested in December 19 and was again moving to new highs, until Feb/March 2020 market crash.

It dropped and bounced at off the support of the long term channel, and has been forming a wedge at the top of the channel since.

I will be looking for it to break to top of the channel and continue its previous move up with targets at $104 and above.
I am anticipating a $5 to $10 pop if it breaks due to the current market environment.
Forward notes: Watch for a retest of the channel top in the coming weeks/months as it is likely to continue moving higher using the top of the channel as support.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.