After failing at the resistance level of $230 the Boeing share price plummeted below $205, triggering further sell signals and ultimately found support at $185. Brave buyers saw their chance at these lows and pushed price back up over $210, where some profits were taken.
The current situation suggests that there is still potential to the upside, however buyers are probably waiting for lower prices.
We are expecting Boeing to retrace back into the support area at around $198, which offers a great entry level for technical traders. Should price break the support level it could trigger further sell signals – and ultimately lead to a re-test of recent lows.
The above only reflects the opinion of the author and must not be understood as financial advise. This article shall only serve as a source of information.