Trucking and logistics firm J.B. Hunt Transport Services (JBHT) is scheduled to report their latest quarterly numbers to shareholders and fundamental analysts after the close of trading Monday. Old-time Dow Theory watchers will probably be eyeing JBHT for clues to see how the Industrials and the Transports are conducting themselves.
Let's check out the charts of JBHT.
In the daily bar chart of JBHT, below, I can see a slight upward trend to prices over the past 12 months. Higher lows are seen in June, October and March. Higher highs are seen in August and February. The shares have been moving around the popular moving average lines but the slope of the 200-day line is positive.
The On-Balance-Volume (OBV) line shows a rise to early February followed by some weakness. The Moving Average Convergence Divergence (MACD) oscillator crossed to the upside in March for a cover shorts buy signal. This indicator is not far from an outright buy signal.
In the weekly Japanese candlestick chart of JBHT, below, I can see the past three years of price action. JBHT made a strong rally in 2020 and 2021 followed by a lengthy sideways correction. The shares are testing the 40-week moving average line and a close above it will improve this picture.
The weekly OBV line is positive. The MACD oscillator is slightly above the zero line and bullish.
In this daily Point and Figure chart of JBHT, below, I can see that the software is projecting a potential upside price target in the $165 area.
In this weekly Point and Figure chart of JBHT, below, I can see the same upside price target in the $195 area. A weekly trade at $201.41 could refresh the uptrend.
Bottom-line strategy: I have no special knowledge of what the top people at JBHT will tell shareholders Monday evening but the charts suggest that shares of JBHT can trade higher in the weeks and months ahead.
Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.
