JetBlue Airways Bearish Signs

Published on Friday, 16 July 2010 03:09 Written by TradersHuddle Staff

New York, July 16th (TradersHuddle.com) - Shares of JetBlue Airways Corporation (NASDAQ:JBLU) ended the trading session lower by $0.17 or -2.74% from its previous close. JetBlue's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

JetBlue Airways Corporation (NASDAQ:JBLU) provides nonstop passenger flight service.The airline is based in New York and uses John F. Kennedy Airport as its main hub. The company flies to various international destinations and in the United States.

JetBlue's current stock range is defined by calculated support defined at $5.21 and by the resistance level at $6.41, which should be used by traders planning their trades.

Traders wanting to establish a position in JetBlue Airways stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current JetBlue Airways shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: