I started having weekly fundamental analysis in addition to my stocks analysis as a part of a project im taking part in, this week while searching for a stock in XLI i found JEC which had 3 positive quarters and a positive growth expectency due to contracts the company was able to sign, it aligned well with the charts and thats how this post was born.
JEC (Bullish since early 2016) is nearing completion of a descending wedge at a 0.618 Fibonacci level. In the event of an upward breakout, expect a move up to at least $63.50 (top of wedge resistance), to $69.00 in the event of an ABCD completion.
Industry: Technical Services
EPS due date: just occured
Horizontal S&R: yes, 55.83
Channel S&R: yes, bouncing of lower channel
MA S&R: no, 20+50ma both could act as resistance
Volume confirmation: ok
Candle Confirmation: morning star
Stoch Divergence: yes
Reg Trendline >85: no
Short Float: 2.6%
Risk Reward: ~1:1.3. not great.
Any feedback is welcomed.
Over the last few weeks, Jacobs Engineering Group Inc (NYSE:JEC) has been attempting to break above a key trend line on the daily chart as shown in the chart below. However, the stock has failed to breakout time after time. Now, our proprietary technical analysis indicates that this time around Jacobs Engineering Group Inc (NYSE:JEC) has a high probability of...