BA finds buyers around 340.25 for the third day in a row
The Boeing Company (BA) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
BA finished Thursday at 344.14 gaining $3.17 (0.93%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 343.56, the share confirms its breakout through the prior session's high having traded $1.21 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (BA as at May 17, 2018):
Thursday's trading range was $4.52 (1.33%), that's below last trading month's daily average range of $7.85. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 340.25 and 347.74 which it has been in now for the last trading week.
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. Even with a weak opening Boeing managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
Breaking through the key resistance level at 341.05 today, it is now likely to act as support going forward. The market found buyers again today around 340.25 for the third trading day in a row after having found demand at 340.30 in the prior session and at 340.26 two days ago.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying could accelerate should prices move above the nearby swing high at 347.74 where further buy stops might get triggered.