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BA finds buyers around 340.25 for the third day in a row


Technical Analysis Report for BA - May 17, 2018 [1 min read]
Highlights
BA pushes through key resistance level
BA finds buyers around 340.25 for the third day in a row
BA dominated by bulls lifting the market higher throughout the day
BA ends the day on a bullish note closing near the high of the day
BA pushes through previous session high
TQ Sentiment
Technical Forecast:
Overview

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 chart for BA
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 347.74 where further buy stops might get triggered.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Price broke through Technical Resistance R1 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Bullish Engulfing Candle TQ Pro Members Only
Bullish Outside Bar TQ Pro Members Only
More market conditions identified for TQ Pro members...
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