BA breaks key support level


Boeing Company (BA) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
BA breaks key support level
BA closes lower for the 3rd day in a row
BA breaks below previous session low
BA falls to lowest close since July 6th
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, BA finished the week -2.59% lower at 339.41 after losing $4.31 (-1.25%) today. Today's closing price of 339.41 marks the lowest close since July 6th. Closing below Thursday's low at 343.12, the share confirms its breakout through the prior session's low having traded $6.67 below it intraday.

Daily chart for BA
Volatility

Friday's trading range was $4.55 (1.33%), that's slightly below last trading month's daily average range of $5.54. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.

Support/Resistance

Breaking below the key support level at 340.00 today, it is now likely to act as resistance going forward.

Trend

Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Further selling could move prices lower should the market test July's close-by low at 329.10.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Boeing Company
Condition Forecast Direction Win Avg Worst Best Events
Bullish Break through SMA 100 TQ Pro Members Only
Strong Up Move TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

BA rockets 4.29% on high volume

Aug 16, 2018
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