Stock of the day: Boeing

We start a new week with the analysis of Boeing, where the last few days were pretty disappointing for shareholders as every day since the 11th of October was bearish. 11th of October is not a random date here from a technical point of view, as it was the day when the price created a false bullish breakout (yellow), which is currently the most significant bearish factor on the chart.

The false breakout is from the symmetric triangle pattern (black lines). At first, it was very promising, but as it almost always happens with false breakouts, those that got caught in it ended up in tears. 

Currently, the price is on its way to test the lower line of the triangle, and in my opinion, we have a really big chance to get there. Close to the lower line of the triangle, we also have a crucial horizontal support, which is a 38,2% Fibonacci. Price breaking those two would mean a strong, long-term sell signal.

Negative sentiment, in that case, would be additionally strengthened by the fact that the price is below the long-term up trendline (green), showing us that the best days for buyers are long gone. What would change the sentiment into a positive one here? For sure, price coming back above the green line and later breaking the upper line of the triangle but this time with success, not just for a short while like what happened a few days ago.