Boeing Company - (BA) - December 6, 2022
After spending over 18 months stuck in the red zone of the SIA S&P 100 Index Report, Boeing (BA) has rocketed back up the rankings in recent weeks, returning to the Green Favored Zone for the first time since April of 2021. Yesterday, Boeing climbed 10 spots to 22nd place and it is up 42 positions in the last month.
A long-term downtrend in Boeing (BA) shares bottomed out over the summer with several successful tests of support near $120.00. Starting in late October, BA has been under renewed accumulation, with the shares climbing on increased volumes (black circle), establishing a new uptrend of higher lows, regaining their 50-day moving average and snapping a downtrend line.
The shares recently broke out of a base clearing $175.00 and having established the $170.00-$175.00 area as new support, have launched into a new upleg. Initial upside resistance appears near the $200.00 round number, followed on trend by the $225.00 to $230.00 area based on a measured move from the base and previous peaks.
A new uptrend in Boeing (BA) shares has been increasingly emerging since June, when a year-long downtrend bottomed out in a bullish Bear Trap. An initial recovery rally faltered in August, but the ensuing correction held its previous lows, an encouraging sign. Another upswing started in October signaled by a bullish Double Top breakout that has been confirmed by a bullish Spread Double Top breakout, the formation of a bullish High Pole, and the snapping of a downtrend line.
Initial upside resistance for the current advance appears near the $200.00 round number, followed by $221.05 based on a horizontal count. Initial support appears near $170.85 based on a 3-box reversal.
With a perfect SMAX score of 10, BA is exhibiting strength across the asset classes.
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