Stock of the day: Boeing

By Tomasz Wisniewski|

Published: November 14 2024, 13:38 GMT+0

Stock of the day: Boeing

Boeing is facing significant challenges, as it has been on a downward trajectory since the start of the year, making 2024 a particularly rough period for the company. It is likely that the year will end with Boeing trading near local lows, as the trend remains decisively bearish. After reaching a peak earlier in the year, the stock encountered stiff resistance in October at the red-marked horizontal level. Following this, the price has been moving sharply lower.

The most concerning development came yesterday when the price decisively broke below a critical support level, the lower line of a wedge formation, marked in green. This breach further underscores the stock’s inherent weakness and confirms the bearish sentiment that has been dominating the market for Boeing. While this move does not create a new sell signal (as bearish indicators have been present for some time), it reinforces the existing downtrend and indicates continued pressure on the stock.

A reversal or buy signal would only be viable if Boeing manages to break above the black downtrend line and the red horizontal resistance. However, given the current state of the market and the pronounced bearish sentiment, the likelihood of such a recovery is low. The bearish scenario remains the most probable course for the stock in the near term.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-boeing-16

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