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by Darius Anucauskas

How Long Will Boeing Continue Flying High?

We can say that the Boeing stock is performing quite moderately this year, in comparison to last year. The share price keeps moving within a rising channel that started off at the end of December last year and continues to be intact. Since the beginning of this month, Boeing stock has been on a steep decline, which could continue for a bit more, perhaps until the lower bound of the channel gets reached. If it still remains intact, this is where the bulls could take advantage of the lower price and step in. Thus, as long as the lower side of the channel holds, we will stay slightly bullish in the near-term.

A break below key support zone of 352.00 could open the door towards a test of the 337.00 level, marked by the low of the 10th of September, where the stock could also test the lower side of the aforementioned channel. As mentioned above, if that bound holds, we could see the bulls jumping in again and potentially lifting the share price back up towards the 352.00 zone, which is near the low of the 12th of October. A further acceleration in the price could lead to a test of the 368.00 area, which held the stock from moving higher on the 16th of October.

Alternatively, a break below the lower side of the channel and a close below the 327.00-dollar price tag, could mean that the uprise is over and could create some room to the downside. This way, we could start getting comfortable with the idea of seeing Boeing traveling towards the 311.00 level, marked by the low of the 3rd of April. Even if that level is not able to withstand the bear-pressure, the stock could drop further to the 292.00 barrier, which acted as strong support on the 22nd of December last year.  

Boeing daily

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