We saw a Breakout Falling Wedge pattern form on JBL. The price then broke above BUT did not confirm and penetrate above the 200MA. This caused a major fakeout and shakeout and caused the price to drop. Sometimes this type of move is a stronger indication of a reversal. Hence, the price has broken below the Falling Wedge and now has a target of R1.16. 200 >21>7 MA - Bearish RSI <30 - Bearish Target R1.16
LESSON LEARNT When a Breakout pattern fails and breaks below the pattern, this can confirm a major reversal and a high probability trade in the other way.