The bottom line is at this point, it “looks” as if all of the major
indices are headed higher. Whether or not oil and energy stocks are
going to participate remains a question right now though, so it’s
probably best to continue to pretty much stay away from energy stocks
until we get a little more definitive direction.
Although the game of oil production continues to be a driver for the commodity right now, the long-term landscape still doesn’t suggest a strong bullish tone to us.
With that, we’re going to add another short-term trading idea to our list today in Jet Blue (JBLU) in an effort to take advantage of a potential oil selloff, while at the same time providing ourselves with bullish exposure to what we believe to be one of the better airline stocks out there.
As you can see in this daily chart of JBLU below, the stock has pulled back to a key retracement level and appears to be bouncing right around its 50 day moving average (green line). Assuming it picks it up around current levels, the risk/reward here looks pretty good, especially if oil can reverse its recent bullish momentum, and more importantly start trading much lower again.
This also comes as we enter the biggest travel season of the year, so we’ll go ahead and add JBLU around current levels. We’ll set our initial SSL at $20 per share, which is just behind another key retracement level, and we’ll set our target at $24.99, which represents a key expansion level based on its last few months of trading waves.
Although the game of oil production continues to be a driver for the commodity right now, the long-term landscape still doesn’t suggest a strong bullish tone to us.
With that, we’re going to add another short-term trading idea to our list today in Jet Blue (JBLU) in an effort to take advantage of a potential oil selloff, while at the same time providing ourselves with bullish exposure to what we believe to be one of the better airline stocks out there.
As you can see in this daily chart of JBLU below, the stock has pulled back to a key retracement level and appears to be bouncing right around its 50 day moving average (green line). Assuming it picks it up around current levels, the risk/reward here looks pretty good, especially if oil can reverse its recent bullish momentum, and more importantly start trading much lower again.
This also comes as we enter the biggest travel season of the year, so we’ll go ahead and add JBLU around current levels. We’ll set our initial SSL at $20 per share, which is just behind another key retracement level, and we’ll set our target at $24.99, which represents a key expansion level based on its last few months of trading waves.
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