Will BOEING CO/THE Break Out? A Technical Analysis Perspective.

Our stock screener has detected a potential breakout setup on BOEING CO/THE (NYSE:BA). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:BA.

Deciphering the Technical Picture of NYSE:BA

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

We assign a technical rating of 7 out of 10 to BA. This is due to a decent performance in both the short and longer term time frames. Compared to the overall market however, BA is a bad performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• BA is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so BA is lagging the market.
• In the last month BA has a been trading in the 164.62 - 182.57 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

For an up to date full technical analysis you can check the technical report of BA

How does the Setup look for NYSE:BA

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:BA currently has a 9 as setup rating:

Besides having an excellent technical rating, BA also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 179.39. Right above this resistance zone may be a good entry point. We notice that large players showed an interest for BA in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading breakout setups.

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Of course, there are many ways to trade or not trade NYSE:BA and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.