Boeing stock price on the brink of a collapse once January 2023 lows break down. 

To end my Finlogix analyses this Wednesday, I am including the NYSE listed company Boeing BA in my stocks watchlist.

The company is under a scrutiny crisis after its former employee turned whistleblower was found dead 4 weeks ago adding more damages in its safety allegations.

In retaliation the airline company released a statement today citing they are fully confident in the quality and long-term safety of their aircrafts.

The first 3 of 9 US major economic releases this week will be released tonight.

Markets are subject under moderate to heavy volatility as investors and traders alike await the US CPI March inflation figures later.

Assessing the Boeing’s high timeframe candles:

Yearly Candle: Growing Red Candle with Ignorable Head and Tail Wicks

Monthly Candle: Previous close is a Red Hammer current is a Red Body with a Slightly Longer Tail Wick

Weekly Candle: Previous close is a Red Body current is a Red Body with a Longer Head Wick

Daily Candle: Previous close is a Red Semi Gravestone Doji current is a Red Body with Almost Equal Head and Tail Wicks

The yearly down to daily candle structures are bearish.

Intraday has printed a fresh 6 month low and surpassed last week’s low through a 7-day slump.

Should the selling pressure resumes, the 2023 lows are threatened and failure to sustain can lead to a free fall towards the 150 level.

At time of writing this article, the stock’s price has stabilised just a little below from last week’s lows.

Nearby October 2023 lows are also waiting offering some support before the stock can dramatically commence a free fall.

Remember that airline companies have just recovered from pandemic turmoil in 2020 and for Boeing it has formed a nice higher low long-term trendline from its 2020 and 2022 lows respectively.

Surprisingly, this long-term HL TL coincides well with the 150 level. This is the area that I like to open a long position. I cannot short an already oversold stock right now! It might recover anytime.

The Boeing company is not yet out of the woods from the crisis it’s facing.

This trade plane needs some time so I will give it enough room.

If in any case the stock recovers strongly, I will share a new update.

Boeing Intraday Analysis and Trading Plan For April 11, 2024

Apr 10 2024

Pending

Published 158d ago

156.96

Current price

150.00

Entry price

1

1