Is Jabil Circuit Trade Over?

Published on Tuesday, 11 September 2012 04:51 Written by TradersHuddle Wire

New York, September 11th (TradersHuddle.com) - Shares of Jabil Circuit, Inc. (NYSE:JBL) ended the trading session lower by $0.03 or -0.14% from its previous close. Jabil's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Jabil Circuit, Inc. (NYSE:JBL) is an electronic manufacturing services provider for international electronics companies in the communications, personal computer, peripheral, consumer, and automotive markets.

Jabil's current stock range is determined by calculated support defined at $20.61 and by the resistance level at $23.95, which should be used by traders planning their next move.

If traders want to establish a position in Jabil Circuit, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor Jabil Circuit for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: