BA closes within prior day's range after lackluster session
The Boeing Company (BA) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
BA ended the month 25.68% higher at 183.30 after losing $11.19 (-5.75%) today, notably underperforming the Dow Indu. (0.85%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (BA as at Jun 30, 2020):
Tuesday's trading range has been $8.11 (4.31%), that's below the last trading month's daily average range of $13.12. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BA.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving higher in the prior session, the market closed lower but above the previous day's open today, forming a bearish Harami Candle. Additionally, two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns.
Prices are trading close to the key technical support level at 175.89 (S1). The share closed back below the 100-day moving average at 185.07. When this moving average was crossed below the last time on June 10th, BA lost -16.42% on the following trading day.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might speed up should prices move above the close-by swing high at 194.50 where further buy stops could get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for The Boeing. Out of 776 times, BA closed higher 51.29% 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 58.89% with an average market move of 0.89%.