BA breaks back above 100-day moving average
The Boeing Company (BA) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
BA ended Wednesday at 167.46 gaining $3.97 (2.43%), significantly outperforming the Dow Indu. (0.13%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (BA as at Sep 16, 2020):
Wednesday's trading range has been $10.26 (6.34%), that's far above the last trading month's daily average range of $6.42. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BA.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close back above the 100-day moving average at 166.29 for the first time since September 4th. When this moving average was crossed above the last time on July 10th, BA actually lost -1.56% on the following trading day. After spiking up to 170.57 during the day, the market found resistance at the 20-day moving average at 168.79.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 20" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for The Boeing. Out of 58 times, BA closed higher 65.52% of the time on the next trading day after the market condition occurred.