Higher volume turnaround last session V- forming..potential confirmation next session
JBLU has shown a strong correlation with USDCAD, as both financial instruments are inversely correlated with oil (shown below). It should also be noted that USDCAD has recently broken out of a cup and handle pattern on the monthly chart and a continued rise could be an early indication of similar price action in the aerospace sector. The wave count for USDCAD...
No divergence and more than a recovery suggest that the trend will continue.
The ratio of LUV/JBLU is turning up after a long slide of 50% from 3.00 down to 1.50 where it is breaking a 5+ month downtrend in the past two days. If you look at the pure price chart overlay of the two stocks, they oscillate back and forth over time and looking back one year (in this chart) you can see that LUV is lagging a bit lately and JBLU is ahead of...
A look back at the road it took to get here
If it stays below 22.33 for longer, and closer to 19, I would think as a short
RSI and MACD now confirmed. What not to like?
This appears to have been a double top pattern that did not work. Therefore, I feel people will be trapped (those who went bearish) JBLU likely goes higher today. Nice retest gap, breaking the high of a strong bearish candle. IF there's a small pull back to $20.20 ish, decent buying location for longer term swing. 6/19/15 12:38 pm Central
with MACD cross imminent therefore I am long
17 would be a gift. Retest of $31 would complete the trip
On my radar, need close below 18.35 for shorts. Trendline broken and Below the cloud. Just need momentum. Until then, I'll wait. It can be just an a-b-c correction. Patience for now...
A 5 wave formation has finished, I suspect an ABC pull back to somewhere around the 38.2% fib retracement. Risking only .67 on the trade, with a 2.84 target or 14.01%.
Waiting for a quick bounce as crude oil did last days but looking for a short position for June.
JBLUE is holding this Trend-line support watch the levels 19.50-20 buy zones. The airlines are all hitting the buy levels. I cant stress enough, traders must learn to BUY the FEAR and SELL the GREED. Always have a plan and always have a stop. understand your parameters and you will do well. KEEP IT SIMPLE TRADE LEVELS
Would Like to see a continuation in the sell off with Jet blue, the stock has become extremely overextended the last 12 months. Looking for a 12-15% pull back. Looking for that 38.2% fib retracement to come into play.