JBLU Trade Delivers 5.2% in under 24 hours
Did you get to read my post on JetBlue’s (JBLU) overreaction sell off yesterday? Well, today today the stock is up nearly 4% right out of the shoot, and I just sold out at $13.46. Right from the post,
“Look at the gap down today below $13, and you can see the void missing now in the chart. Also take a look at the MACD, which is very close to oversold terrritory, and looks as if it may make a move back to the upswing by today’s end. I think $13.50 would be a decent target price this week for the stock, which it shouldn’t have too much trouble reaching unless there is some underlining information we are not aware of.”
It feels good to help people make easy money! I will post a daily chart of the stock later today, which is now trading in the $13.30s, but here is a intraday chart from several minutes ago,
You’ll have to click the image to enlarge and see it whole, and what you will find is the stock with a high today right at $13.50. Now, I could have held this position looking for more, but I knew that $13.50 was going to be strong resistance, and as well look at the MACD, with the gap the stock was strongly overbought short term. The stochastic showed the same story.
The stock may in fact run past $13.50, but it doesn’t matter to me, discipline has to take over. Each trade you set yourself into must have clear defined rules for engagement, when to get in, protection on the way down, and a target price to sell at. Any seasoned trader will tell you discipline in the workplace is extremely important, in fact almost critical. If you don’t follow your own rules, then you are heading for disaster. Hmm… maybe I should write a post on this…
JetBlue (JBLU) will be added to the sidebar under highlight trades from now on for easy reference. Have a great day!
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