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

By Amy Schwartz

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. Today's price range of $22.18 and $22.38 is within yesterday'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.

There is potential upside of 15.8% for shares of Jabil Circuit based on a current price of $22.21 and an average consensus analyst price target of $25.73. The stock should discover initial support at its 200-day moving average (MA) of $20.95 and subsequent support at its 50-day MA of $19.29.

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 share prices have moved between a 52-week high of $26.00 and a 52-week low of $16.78 and are now trading 32% above that low price at $22.21 per share. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 1.5%.

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 18.7%. We continue to monitor JBL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Jabil Circuit

Ticker(s): JBL