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Jones Lang LaSalle (
JLL) is a financial and professional services firm specializing in real estate. This stock closed up 1.5% at $83.98 in Wednesday's trading session.
Wednesday's Volume: 1.10 million
Three-Month Average Volume: 371,411
Volume % Change: 218%
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From a technical perspective, JLL bounced modestly higher with strong upside volume. This stock has been downtrending badly for the last month, with shares falling from its high of $90.67 to its intraday low of $80.86. During that downtrend, shares of JLL have been consistently making lower highs and lower lows, which is bearish technical price action. That said, the downside volatility for JLL could be over in the short-term since the stock bounced off its intraday low and closed near its daily highs with big volume.
Traders should now look for long-biased trades in JLL as long as it's trending above Wednesday's low of $80.86 and then once it sustains a move or close above Wednesday's high of $84.39 with volume that's near or above 371,411 shares. If we get that move soon, then JLL will set up to re-test or possibly take out its next major overhead resistance levels at its 50-day of $86.41 to $90.
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