Stock of the day: Boeing

By Tomasz Wisniewski|

Published: July 27 2023, 08:26 GMT+0

Stock of the day: Boeing

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Boeing, the American aerospace giant, recently unveiled its latest earnings, setting the markets abuzz. To the delight of many investors, both EPS and revenue outperformed expectations, even if the EPS was in the negative terrain. This disclosure marked another stride in the company’s journey towards financial recovery.

For some time now, technical analysts have been watching Boeing closely, particularly given the promising trends on its chart. An uptrend initiated around mid-June 2022 signaled the growing momentum for the company. This trend took an even more interesting turn in 2023 when the price began to form an ascending triangle pattern. This pattern, distinctly highlighted in blue, indicated a mounting buying pressure. With the price repeatedly knocking on the doors of the horizontal resistance, it was evident that bearish pullbacks were diminishing in intensity.

Yesterday, after the positive earnings disclosure, Boeing’s stock decided to take flight. The market opened to a bullish gap, and this optimism didn’t wane as the trading day progressed. By day’s end, Boeing had convincingly broken out from the ascending triangle, planting a strong buy signal flag for traders and investors alike.

Of course, in the world of trading, one must always account for potential risks. Any reversion below the $220 mark would temper the prevailing optimism. However, given the current momentum and market sentiment around Boeing, the prospects of such a reversal seem quite remote.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-boeing-3

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