Boeing (BA) has started to attract renewed interest from investors in the last few days, which has sent its shares soaring up the rankings in the SIA S&P 100 Index Report from the red zone back up into the Green Favored Zone. On the back of an 8% gain, the shares moved up 22 spots yesterday and they have climbed 55 places in the last month.
A major breakout is underway in Boeing (BA). So far this month, the shares have snapped a downtrend line, staged two breakaway gaps to the upside and climbed back above the $200.00 round number, all on increased volume, indicating that accumulation has resumed and a new upward trend has commenced.
Next potential upside resistance appears at the June high near $230.00, then near $250.00 where a measured move and a round number converge. Initial support appears near $188.00, the bottom of yesterday’s gap.
Shares of Boeing (BA) had been drifting through the summer, but they have come under renewed accumulation completing two bullish Double Top patterns. Yesterday the shares regained the $200.00 level and are testing a long-term downtrend line which would be snapped on a breakout over $204.25.
Should a breakout occur and confirm the start of a new uptrend, initial resistance may appear at the June high near $234.50, then the $249.00 to $254.00 zone where vertical and horizontal counts converge around the $250.00 round number. Initial support appears near $185.00 based on a 3-box reversal.
With a bullish SMAX score of 8, BA is exhibiting near-term strength against the asset classes.
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