JetBlue Airways Short term Bullish Reversal
Published on Monday, 14 May 2012 04:30 Written by TradersHuddle Wire
New York, May 14th (TradersHuddle.com) - Shares of JetBlue Airways Corporation (NASDAQ:JBLU) ended the trading session higher by $0.1 or 2.13% from its previous close. JetBlue's price action formed what is considered to be a bullish engulfing candle that could very well signal a continuation of trend or reversal of the ongoing weakness.
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 recent stock range was formed by a trough where calculated support was defined at $4.60 and by a peak that established the resistance level at $4.93. This range could be used by traders managing their positions.
Traders wanting to establish a position in JetBlue Airways or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk, as it shows where the bears were able to push the stock down, before the bulls step in with a bid.
The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short-term weakness seen on the stock. Below an Engulfing Bullish Candle Illustration:
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