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The Dow Jones Airlines group is up a startling 37% from the August lows and has overcome significant weekly resistance. One airline stock that appears to have just completed a major base is Jet Blue Airways (JBLU), which has just moved above weekly resistance in the $7.00 area. There is also resistance in the $7.40 to $7.74 area and the base formation has upside targets at $11.50, which corresponds nicely to the major 61.8% resistance levels. There is first good support in the $6.80-$7.00 area. For more on the Transportation stocks, sign up for this week’s Trading Lesson.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.
