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.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
On March 13, amid a broad discussion about the emerging bull phase developing in the precious metals and miners, Mike Paulenoff posted this about WPM (Wheaton Precious Metals) to our MPTrader discussion room:From a more Silver-Gold perspective (if FCX is perceived to be Copper-centric), let's notice that WPM strength is pushing up against its near-term resistance line in the vicinity of 45.
Right after the opening bell on the morning of October 20, 2023, Mike Paulenoff posted the following GLD (SPDR Gold Trust) commentary to our MPTrader Discussion Room:"For all of the long-suffering Gold Bugs... As we speak, GLD is attempting to take out key 5-month resistance lodged between 181.20 and 184.40, which if successful and sustained, will point GLD to 188-190 next... Last is 183.88...
During the afternoon session of February 15, this is what Mike Paulenoff posted to the MPTrader Discussion Room about the technical setup in the oil service company SLB (Schlumberger):"This name in the oil service sector exhibits a well-demarcated 4-year bullish channel with the SLB price structure upturning off of the lower boundary line in the vicinity of 47.00 (the 2/13/24 low) amid a glaring double non-confirmation of the weakness into the lower channel line.
On December 26, 2023, fellow MPTrader member FJB asked me the following question: Mike - do you feel comfortable giving some of your top sectors for next year if you have any? This was my response:In order of preference based on my technical setup work:1- XLV (Healthcare)2- XLB (Materials)3- XLE (Energy)4- XLI (Industrials)5- XLF (Financials)As of the close this past Friday, 3/15/24, YTD results showed XLV +6.58%, XLB +6.15%, XLI +7.06%, XLF +8.54%, and XLE (Energy) leading all sectors, at +9.27%.
On February 23, Mike Paulenoff posted the following timely commentary about the bond market to MPTrader members:"Benchmark 10-year YIELD and TLT (20+ Year T-bond ETF)-- I am getting initial, but very strong technical signals that the backup in 10-year YIELD from the late-March low at 3.78% to yesterday's (2/22/24) high at 4.35% is nearing exhaustion ahead of a rollover into another downleg within the larger downleg off of the October 2023 high at 5.00% (see my attached Daily Chart).