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Possible Bearish Inside Day Candle Pattern Detected for Jabil Circuit (NYSE:JBL)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Jabil Circuit (NYSE:JBL) based on the price action in the company's shares. Yesterday's price range of $20.75 and $20.89 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Jabil Circuit may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Jabil Circuit, Inc. is an electronic manufacturing services provider for international electronics companies in the communications, personal computer, peripheral, consumer, and automotive markets. The Company offers circuit design, board design from schematic, prototype assembly, volume board assembly, system assembly, repair, and warranty services.

Jabil Circuit has overhead space with shares priced $20.84, or 19.0% below the average consensus analyst price target of $25.73. The stock should hit resistance at its 200-day moving average (MA) of $20.95, as well as support at its 50-day MA of $19.29.

In the past 52 weeks, Jabil Circuit share prices have been bracketed by a low of $16.78 and a high of $26.00 and closed yesterday at $20.84, 24% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.5% while the 200-day MA has slid 0.3%.

SmarTrend recommended that subscribers consider buying shares of Jabil Circuit on May 27th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.89. Since that recommendation, shares of Jabil Circuit have risen 10.3%. We continue to monitor JBL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Jabil Circuit

Ticker(s): JBL