Alerting Members To Boeing's Bullish Setup
by Mike Paulenoff
January 7, 2023 • 8:31 PM EST
On November 7, exactly eight weeks ago, Mike Paulenoff posted the following heads-up to MPTrader members concerning a potentially opportunistic technical setup in BA (Boeing).
Mike wrote: "The current vertical upmove is smacking into a major intermediate-term down trendline in the vicinity of 170-171 (see my attached Daily Chart) that likely will put a lid on it and argues for a pullback to 150 again, but if not, upside continuation points to 210-215 next as BA continues to have the right look of the completion of a massive post-Pandemic bottom formation. The Intermediate term setup is for investors able to ride around some sloppy action in BA if it is unable to climb above the dominant down trendline, to expect a pullback into the 150 support zone prior to another attempt to take out multi-year resistance... Last is 165.16."
As it turned out, within 4 trading days of Mike's commentary, BA thrust above its powerful 3+ year down trendline and key resistance zone (168-171), prompting this follow-up by Mike on Nov 13:
"BA (Boeing) has received the largest-ever order for planes from a US carrier (UAL)... which is just the type of fundamental news that puts "meat on the bone" of a potentially very powerful 21-month base accumulation pattern shown on my attached Daily Chart. As long as any forthcoming weakness in BA is contained above 172.20, the technical setup argues for upside continuation toward my next upside target zone of 215-220, in route to a challenge of major consequential resistance lodged from 255 to 280... last is 186.27."
BA went on to retest the upside breakout area (168-171) on November 17 prior to launching into a new powerful and persistent up-leg that has propelled BA to 213 as of Friday's (Jan 6) close.
From Mike's initial heads-up on November 7 at 165.16 to Friday's high at 213.03, BA climbed 29%.
What's next for BA? Join Mike and our MPTrader community for their opportunistic intraday technical and fundamental discussions of BA as well as many other individual stock names, ETFs, macro indices, precious metals, foreign exchange, Bitcoin, and their always lively debate about market reaction to economic data and Fed Reserve policy prescriptions.
View daily chart of BA here.
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