BA breaks key support level
Boeing Company (BA) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (BA as at Aug 10, 2018):
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.
Breaking below the key support level at 340.00 today, it is now likely to act as resistance going forward.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Further selling could move prices lower should the market test July's close-by low at 329.10.