Jet Blue Flying High? Wrong! Here’s Where I’m Shorting It

  • December 6, 2002
  • Derrick Hobbs

The
Airline sector is definitely seeing turbulent times right now,
especially with
(
UAL |
Quote |
Chart |
News |
PowerRating)’s recent news. One name in this group that looks to be
setting up under my parameters is JetBlue Airways
(
JBLU |
Quote |
Chart |
News |
PowerRating):

  • Bearish Gartley Pattern completes @ 40.46.

  • Fibonacci price resistance zone from 39.84 – 41.12
    (5 levels).

  • Time Cycles coming into play between Dec. 6 and 10
    for a reversal to the downside.

    • Bottom line: I’m looking for
    short opportunities against this resistance zone. If triggered in, my stop will
    be just above 41.12. In fact, if JBLU runs up above 41.12, the next Fibonacci
    price zone comes into play up around 44.52. So, shorts will definitely want to
    be out and momentum players might even consider longs up to the 44.52 Fibonacci
    price zone.