Jabil Circuit Is Near Resistance

Published on Wednesday, 19 September 2012 06:32 Written by TradersHuddle Wire

New York, September 19th (TradersHuddle.com) - Shares of Jabil Circuit, Inc. (NYSE:JBL) are trading very close to calculated resistance at $22.91. The stock ended the trading session at just $22.30, which is near levels that make it difficult to buy or start a position.

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 stock range is defined by its calculated support defined at $20.61 and by the resistance level at $22.91; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.

Traders don't have a clear entry point for Jabil Circuit. However, as the stock pulls back towards $20.61 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $22.91 then traders will get an opportunity to enter the stock as it moves to a higher range.