JLL gaps up but remains below pivot highJLL yesterday gapped up on higher volume and a good earnings report. But it hasn't yet comfortably cleared the recent pivot high of 2nd April.
I last looked at JLL 5 months ago in November 2014. The analysis suggested price would be heading higher - which it has done. But some of the pullbacks have been a little deeper than a trend trader would have liked - breaching the 50sma support on a couple of occasions. These pullbacks were within acceptable limits but a more linear trending chart would not have caused as much equity volatility.
Yesterday's spinning top/doji - and the fact price failed to break above the recent pivot high in a meaningful way - means that momentum is not as strong to the upside as I would like. I would expect to see a continuation of the uptrend but we need to see a bit more conviction with a stronger, more bullish bar.
A possibly buy opportunity in the near future.
