J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT)

J.B. Hunt Transport Services, Inc., together with its subsidiaries, provides transportation and delivery services in the continental United States, Canada, and Mexico. The company operates in four segments: Intermodal (JBI), Dedicated Contract Services (DCS), Integrated Capacity Solutions (ICS), and Full-Load Dry-Van (JBT). The JBI segment offers intermodal freight solutions, including origin and destination pickup, and delivery services. The DCS segment designs, develops, and executes supply-chain solutions, which support various transportation networks. The ICS segment offers non-asset and asset-light transportation logistics solutions; and flatbed, refrigerated, expedited, and less-than-truckload solutions, as well as various dry-van and intermodal solutions. The JBT segment offers full-load and dry-van freight services by utilizing tractors operating over roads and highways.
To review potential trading opportunities with J.B’s stock, please take a look at the 1-year chart of JBHT (J.B. Hunt Transport Services, Inc.) below with my added notations:
After rallying nicely from its September low, JBHT has formed what may be a double top price pattern (red). Double tops are reversal patterns and are as simple as they sound: Rallying up to a point (T), selling off to a support, and then rallying back up again to approximately the same top (T). As with any price pattern, a confirmation of the pattern is needed. JBHT would confirm its pattern by breaking the $70 support (navy) that has been created by the double top pattern.
The Tale of the Tape: JBHT should be moving lower if it confirms its double top pattern. A short trade could be made on a break of support with a stop placed above the level. However, a trader could also go long at $70 as well if they believe JBHT is simply consolidating.
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