Stock of the day: Boeing

By Tomasz Wisniewski|

Published: June 04 2024, 06:20 GMT+0

Stock of the day: Boeing

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In today’s stock of the day, I would like to discuss Boeing. It’s well-known that Boeing has faced significant challenges recently, which is evident from the steep decline in its stock price. However, there is a glimmer of hope from a technical perspective. The chart shows an inverse head and shoulders pattern highlighted in yellow, a bullish reversal pattern suggesting the potential for an upswing and the start of a new uptrend.

For this pattern to activate, the price needs to break above the neckline, marked in black. A daily close above this level would be a signal to go long, confirming the formation. The initial target could be the 38.2% Fibonacci retracement level, which previously served as strong support in June and February. However, the head and shoulders pattern suggests a more significant upside potential, possibly reaching the 50% Fibonacci retracement level.

Traders should watch closely for a breakout above the neckline to confirm this bullish scenario. If the pattern holds, Boeing could see a substantial recovery, providing a handsome reversal opportunity for investors.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-boeing-8

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