Boeing Is Entering A Critical Time In The Pattern The Stock Trades In

Boeing Co. BA shares are trading lower Tuesday and nearing a possible support line. The stock was trending on StockTwits and is nearing the end of a technical pattern.

Boeing was down 1.99% at $208.64 at press time.

See Also: What Are Whales Doing With Boeing

Boeing Daily Chart Analysis

• The stock looks to be nearing support in what technical traders call a descending triangle pattern. The pattern looks to be nearing the end of the pattern and could see a large move in the coming weeks.
• The $205 price level is an area where the stock has been able to hold as support in the past, but could turn into a place of resistance if the stock falls below this area. The lower high trendline has been an area where the stock has seen resistance in the past.
• The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock is likely facing a period of bearish sentiment.
• Each of these moving averages may hold as a potential area of resistance in the future.
• The Relative Strength Index (RSI) has been moving lower the past few weeks and sits at 33. The RSI now nears the oversold area where the stock will see much more selling pressure than buying pressure.

What’s Next For Boeing?

Bullish traders are hoping the stock sees a bounce at support and begins to form higher lows. Bulls are then looking to see the stock cross above the lower high trendline to possibly see a trend change.

Bearish traders are looking to see the stock continue to trade within the pattern and eventually fall below the support line. If the support line can begin to hold as an area of resistance, it may signal the stock is ready to see a strong bearish move.

Photo: Shoval Zonnis from Pexels