NYSE:BA Shows Potential for a Breakout.

BOEING CO/THE (NYSE:BA) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:BA.

What is the technical picture of NYSE:BA telling us.

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 8 out of 10 to BA. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, BA is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• In the last month BA has a been trading in the 169.45 - 188.48 range, which is quite wide. It is currently trading near the high of this range.
• When comparing the yearly performance of all stocks, we notice that BA is one of the better performing stocks in the market, outperforming 71% of all stocks. However, this overall performance is mostly based on the strong move around 4 months ago.
• BA is an average performer in the Aerospace & Defense industry, it outperforms 54% of 65 stocks in the same industry.
• 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.

Our latest full technical report of BA contains the most current technical analsysis.

How does the Setup look for NYSE:BA

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:BA is 9:

BA has an excellent technical rating and 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 184.43. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 181.73, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:BA

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

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.