Stock of the day: Boeing

An intriguing situation is unfolding with Boeing, which has been struggling throughout August. The challenges began with a false breakout to the upside from a symmetrical triangle pattern, marked by red lines on the chart. This false breakout quickly led to a significant drop in the stock’s price. Currently, Boeing is trading within a sideways range, confined by orange rectangles, indicating that the price is moving within a defined rectangle pattern as we await a breakout.

Trading this rectangle pattern is straightforward. If the price breaks out to the upside, it would generate a buy signal, suggesting a potential recovery. Conversely, a breakout to the downside would indicate further weakness and serve as a signal to sell. The key now is to watch closely and see which direction Boeing will take from here.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-boeing-13