Monthly timeframe displaying bull and bear cycles
This current bull cycle could lead to fast extended gains if the assumption that the small price range has a bullish "squeezing" effect on price.
A head and shoulders pattern is within this small range
JBL with pivotal news point.
JBL reported second-quarter fiscal 2022 earnings of $1.68 per share, which beat the Zacks Consensus Estimate by 15.1% and grew 32.3% year over year.
Thanks to strong secular tailwinds and momentum in many end markets, the company raised outlook for fiscal 2022. It now expects revenues of approximately $32.6 billion and core EPS of...
- Price has been recovering nicely in a well defined channel since the Covid-19 crash.
- The base of the channel is formed by the 20dMA (20 day moving average).
- Price has bounced off this lower channel (20dMA) 3 times. This means the 20dMA and channel bottom is a fairly strong support.
- The 20dMA crossed the 50dMA on May 7th. This is a bullish signal.
$JBL has been fairly rangebound for the better part of the last year. We tagged the lower support line yesterday and have begun to turn back up.
Adding to the bullish sentiment, we also saw $3.5M worth of leap call options traded yesterday - with about 6k $27 strike Jan'21 contracts purchased.
Targeting a move back to $30 by early November.
JBL is forming a possible H&S formation in weekly chart. It seems a good long term short opportunity.
* Trade Criteria *
Date First Found- November 9, 2017
Pattern/Why- Potential H&S in weekly
Entry Target Criteria- Break of $27.33
Exit Target Criteria- $18.32
Stop Loss Criteria- $32.07, $29.43 (Conservative)
Please check back for Trade updates. (Note: Trade...
It's looking like Harman International should even out a bit more before taking off at earnings report in early May. Looking like early this week should be a great time to go long.
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**I am not a professional trader, nor I do I claim to really know what I am doing in any situation. Please don't make any real trades based on anything I may post.**