March 20 Chart of the Day - Jabil
Highly precise price action technical analysis offers the strongest trading edges and the most opportunities across the markets, making it the foundation of our reviews.
Electronic manufacturer Jabil Inc. (JBL) reported fiscal second-quarter results Thursday that exceeded Wall Street expectations. Management said blah blah blah...
Consistent profitable investing and/or trading requires a structured, rules-based approach to price action analysis. Proven processes, disciplined risk-reward management, and precise execution create the foundation for long-term success.
When combined with powerful mental performance strategies, this method becomes the ultimate blueprint for thriving in any market, on any time frame.
As requested, this analysis will take a price action technical analysis approach to assess key levels and potential next moves for the stock.
Since May 2023, we've showcased over 450+ Charts of the Day and provide FREE Price Action Trading education to traders who join our highly rated Trade Room.
Monthly Chart
On the monthly chart we can see that after reaching its all-time high of $174.80 earlier this year price price fell in dramatic fashion.
With little to no prior price history at all-time highs, the price often enters what we call a "discovery phase" to establish new market structure.
In this scenario, price seemingly sped through the discovery phase (for now) and quickly faded back down towards previous and familiar price structure bypassing previous support/resistant levels.
Recently, price tested a long-term support level around the $130 area and is now attempting to resume its long term uptrend.
Volatility is a common price action behavior, though it tends to be unpopular among investors.
Weekly Chart
On the weekly chart we can see where price set its ATH before quickly dropping back down the past few months.
Since then, price forcefully bounced around $130 back towards the upside but may soon face possible over head resistance in the $160 area.
Why then when a company makes ATHs can price quickly drop back down?
For a variety of reasons including maybe this was a case of traders and investors taking some profits off the table.
Regardless, it’s evident that selling pressure has been relentless for most of the past year.
It goes without saying though, the only guarantee in the markets is that price cycles. It cycles up and it cycles down across all time frames and all charts and rarely, if ever, moves in a straight line.
Only time will tell for sure what price will do next...
We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
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