BA runs into sellers again around 354.36
The Boeing Company (BA) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, BA finished the week 7.89% higher at 352.90 after edging higher $0.29 (0.08%) today on low volume, slightly outperforming the Dow Indu. (-0.02%). Today's close at 352.90 marks the highest recorded closing price since December 3, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (BA as at Jan 11, 2019):
Friday's trading range has been $6.27 (1.8%), that's below the last trading month's daily average range of $10.27. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BA.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Prices are trading close to the key technical support level at 352.26 (S1). After having been unable to move above 353.47 in the prior session, the share ran into sellers again around the same price level today, missing to move higher than 354.36. The last time this happened on January 2nd, BA lost -3.99% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 323.47.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying might move prices higher should the market test December's nearby high at 369.00.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close above the upper Bollinger Band" stand out. Its common bullish interpretation has been confirmed for The Boeing. Out of 186 times, BA closed higher 57.53% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.06% with an average market move of 0.94%.