Daily Stock Report

Johnson Controls Intl PLC - (JCI) - November 4, 2022

Johnson Controls (JCI), a producer of HVAC, fire and security equipment for commercial buildings, has been climbing back up the rankings in the SIA S&P 500 Index Report since August. Yesterday it returned to the Green Favored Zone for the first time since January. Currently it sits in 109th place, after moving up 27 spots yesterday and up 77 positions in the last month.

A major breakout is underway in Johnson Controls (JCI) shares. Back in July, the shares found support near $45.00 and then staged an initial bounce that snapped a downtrend line. For the last four months, the shares have been base-building in the $48.00-$58.00 range. Yesterday, JCI broke out over $60.00, completing a bullish Ascending Triangle base and confirming the start of a new uptrend. 

Measured moves from the triangle suggest potential resistance near $68.00 then $71.00. Initial support appears near $57.50 then the 50-day moving average near $54.00.   

After declining through the first half of this year, Johnson Controls (JCI) bottomed out back in July near their February 2021 low. Since then, accumulation has resumed with the shares establishing a higher low last month. This week, the shares have completed a bullish Triple Top breakout, confirming the start of a new upswing. 

Based on horizontal counts, next potential upside resistance appears near $66.30, then $70.35. Initial support appears near $55.45 based on a 3-box reversal. 

With its SMAX score increasing to a perfect 10, JCI exhibiting strength across the asset classes. 

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