- Price has been recovering nicely in a well defined channel since the Covid-19 crash. - The base of the channel is formed by the 20dMA (20 day moving average). - Price has bounced off this lower channel (20dMA) 3 times. This means the 20dMA and channel bottom is a fairly strong support. - The 20dMA crossed the 50dMA on May 7th. This is a bullish signal. - Next time price approaches the 20dMA is will also be near the bottom of the Fibonacci Retracement channel which price has bounced off the last 3 tests. - - -- This means the $27.50 Fib line is fairly strong support. - The 200dMA is at the $33.60 Fib line. These form overhead resistance lines.
JBL Swing Trade SetupThe setup here is to buy when price bounces off the 20dMA around $28.24 with a target of $33.33 for a 18% gain and a stop loss at $27.29 for a -3.3% loss.