Good technical signals and a possible breakout for BOEING CO/THE.
By Mill Chart
Last update: Jan 30, 2023
A possible breakout setup was detected on BOEING CO/THE (NYSE:BA) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:BA.
What is the technical picture of NYSE:BA telling us.
ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.
We assign a technical rating of 8 out of 10 to BA. Although BA is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.
- Both the short term and long term trends are positive. This is a very positive sign.
- BA is part of the Aerospace & Defense industry. There are 67 other stocks in this industry. BA outperforms 82% of them.
- BA is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so BA slightly outperforms the market at the moment.
- BA is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
- When comparing the yearly performance of all stocks, we notice that BA is one of the better performing stocks in the market, outperforming 92% of all stocks. However, this relatively good performance is mostly due to a recent big move.
Why is NYSE:BA a setup?
ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:BA scores a 9 out of 10:
BA has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 213.05. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 207.07, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for BA in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.
How to trade NYSE:BA?
One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.
This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.
Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.
BOEING CO/THE
NYSE:BA (4/18/2024, 7:04:00 PM)
After market: 170.01 -0.22 (-0.13%)170.23
+0.02 (+0.01%)
BA News
4 hours ago - Ars TechnicaBoeing says it will cut SLS workforce “due to external factors”"Boeing is reviewing and adjusting current staffing levels."
6 hours ago - QuartzBoeing wants to have flying cars in Asia by 2030The company revealed the plans in an interview with Nikkei
12 hours ago - QuartzAlaska Airlines stock lifts off after Boeing paid up $162 million for the door plug blowoutCEO Ben Minicucci said the quarter’s results “far exceeded initial expectations"
15 hours ago - Ars TechnicaAll the pieces are in place for the first crew flight of Boeing’s Starliner“This is a test flight, and a complicated one at that."
16 hours ago - InvestorPlaceAvoid These 3 Blue-Chip Traps Amidst High Interest Rate FearsInterest rates, whether they tick up higher or remain elevated as they are, will negatively impact these three blue-chip stocks to avoid.
16 hours ago - CNBC5 things to know before the stock market opens ThursdayHere are the most important news items that investors need to start their trading day.
16 hours ago - CNBCAlaska Airlines 2024 forecast tops estimates after loss from Boeing Max groundingAlaska Airlines said Boeing paid it $162 million so far in compensation for the 737 Max grounding.
The airline, the operator of the Boeing plane that suffered a mid-air cabin blowout in January, also reported a smaller loss in the first quarter, despite a $162 million impact from the more-than-two-week grounding of its 737 MAX 9 aircraft. The Seattle, Washington-based airline would have reported an adjusted profit of about $5 million for the quarter, absent the groundings of its MAX 9 jets. To address the financial damages, Alaska Air received $162 million in initial cash compensation from Boeing, which has been excluded from its first-quarter results.
19 hours ago - BloombergAlaska Air Sees Profit Above Estimates in Rebound From Max WoesAlaska Air Group Inc. expects second-quarter profits will top analyst estimates, signaling that the carrier is recovering from a near-catastrophe on one of its planes that triggered the temporary grounding of a key Boeing Co. aircraft model.
Alaska Air Group is not concerned about the production rate of Boeing's 737 MAX planes as it is more focused on the quality and safety of the planemaker's jets, a top company executive said on Thursday. In an interview, Chief Financial Officer Shane Tackett said Alaska has deployed more of its inspectors at Boeing's factories since the incident to ensure the jetmaker produces the highest quality aircraft that it can confidently fly safely. "We are prioritizing quality and safety first," Tackett told Reuters.
Former Boeing employee Ed Pierson made the claim during an appearance at a Senate hearing about Boeing's recent safety issues.
Both Alaska and United Airlines reported quarterly losses this week, but said they would've turned profits without the Boeing disaster.
