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Johnson Controls International plc (NYSE:JCI) Plunges After Earnings, Know This Trade Level

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Today, leading global diversified technology and multi industrial company, Johnson Controls International plc (NYSE:JCI), is declining lower by nearly 6.0 percent. The fall in JCI stock comes after the company reported earnings and guided FY18 below consensus. These days if a company's guidance is poor the stock will usually suffer.

JCI stock is now trading below its important 200 and 50-day moving averages. This puts the stock in a weak technical chart position. Often when a stock sells off with this pattern and volume it will signal further downside is in the cards before a bottom can be found. Traders should now watch the $34.50 area as the next major support level. This institutional support area is where the stock broke out in April 2016. Generally, when stocks test past breakout levels they will initially be supported by the institutional crowd.