BA another fav looking "close"
Boeing looks like it is getting close to finally breaking out. Weekly being rejected at 30 MA / trendline resistance. Supported by 50 MA and uptrend, also very close to apex (decision time is near). I am favoring a break to the upside following the earnings that BA just had and overall I think undervalued. For now I do think it is best to wait to see which direction it is going, because a break the downside would open up the short trade (this could happen if market takes a turn for the worst).
What I am waiting / watching for: I want to see relative strength (this week was weak vs overall market, not good). Need to see an uptick in volume if we are going to break to the upside and have any meaning behind it (breakout on low volume is not a good sign). Need to get above the 235ish volume shelf resistance on increased volume and then break above the 30 / downtrend line. Once this happens I will be looking for the backtest of the 30 and that will be the spot to go long with an initial PT of 265.
What I am waiting / watching for: I want to see relative strength (this week was weak vs overall market, not good). Need to see an uptick in volume if we are going to break to the upside and have any meaning behind it (breakout on low volume is not a good sign). Need to get above the 235ish volume shelf resistance on increased volume and then break above the 30 / downtrend line. Once this happens I will be looking for the backtest of the 30 and that will be the spot to go long with an initial PT of 265.
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