As it appears to be, Boeing is in a bullish structure and has been forming higher highs and higher lows. This means, we have to identify the support level and take longs from there. At the price of 175, we will be going long. From this level, we have a target of around 11% at the resistance level of 185. Market formed an engulfing candle from the support. We need another retest at the support level to hop on to the trade and then ride it till the target profit.

The descending trendline has been formed. Once market begins to move up, there is a potential for the market to break the trendlines as a breakout buy and induce further bullish momentum after the validation of price action.

The golden retracement level at the 75-78.6% is at the support level. This level will become a confluence area for the long position once support aligns with the retracement level.

Both the EMA’s are bearish, with a bearish death cross. After the breakout buy of the EMA 50, we may see a retest of the EMA 200 which will be our profit target. There is a high chance of EMA 50 of being broken out for buys.

RSI and CCI, both are heading back to the neutralized levels after tapping the over sold region. RSI at 51 and CCI at -9. This means that the market is already priming for its mark up along with other technical factors.

Still waiting on BOEING

Apr 19 2022

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