J. Alexander's good for a rally to 11.69
Updated
J. Alexander's dropped hard from 11.69 to 9.50 before its earnings report, but it got a huge positive surprise (200%), reporting a profit rather than a loss, and rallied back to 10.50. After a technical pullback to 10.00, I expect the stock to move higher again from here. The earnings surprise was so large that I think we'll see the stock head all the way back up to its pre-earnings volume node at 11.69. I've drawn some trend lines to watch for bullish trend line breaks. JAX has a 9/10 analyst summary score and has recently had several analyst upgrades.
Trade active
I entered very near the bottom after the first trend line break. Am currently up about 2.5% on the trade. We broke the second trend line today.Note
JAX has been weak lately, but it's working on another trend line break. If we close above the trend line today, I will increase the size of my position.Note
JAX continues to struggle toward that second trend line, but we're making a rounding bottom in a support zone, so I'm pretty sure we'll get there eventually. Some news would help.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.