J.B. Hunt Bullish Signs
Published on Friday, 29 June 2012 04:21 Written by TradersHuddle Wire
New York, June 29th (TradersHuddle.com) - Shares of J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) ended the trading session lower by $0.37 or -0.65% from its previous close. J.B. Hunt's price action formed what is considered to be a bullish engulfing candle that could very well signal a continuation of trend or reversal of the ongoing weakness.
J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) and its subsidiaries provide transportation and logistics services in North America. The company provides flatbed, refrigerated, expedited, and less-than-truckload, as well as various dry-van and intermodal solutions.
J.B. Hunt's recent stock range was formed by a trough where calculated support was defined at $55.78 and by a peak that established the resistance level at $61.18. This range could be used by traders managing their positions.
Traders wanting to establish a position in J.B. Hunt or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk, as it shows where the bears were able to push the stock down, before the bulls step in with a bid.
The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short-term weakness seen on the stock. Below an Engulfing Bullish Candle Illustration:
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