JBHT (JB Hunt Transportations Services) offers an objective short entry on this bearish rising wedge breakdown and/or the 234.25ish support just below, with a current final target (T2) just above the 195.35 & intersecting 200-day MA’s. The maximum suggested stop (if targeting T2) is any move above 260.76. Daily chart below.
JBHT daily May 4th
Keep in mind, this trade is highly correlated to the recently posted FDX short trade. As such, anyone taking both, or planning on adding any more shorts in the shipping & logistics sector, should take that into consideration when determining the position size for each stock and/or ETF regarding total exposure to the sector (which isn’t a very big fan of $90+/bbl crude oil).