Technical Analysis – Boeing’s stock enters bullish territory; neutral in medium term
Boeing’s stock price cheered on the back of encouraging vaccine news, jumping above the 200-day simple moving average (SMA) and the 200 level for the first time since June.
The upside correction, however, was not strong enough to overcome June’s high of 233.86, keeping the stock within a neutral zone in the medium-term window.
Still, the ascending MACD and the rising RSI, which has yet to reach a peak within the overbought territory, suggest that there is scope for more improvement in the short run and a test of the 233.86 peak. The positive slope in the Ichimoku indicators is also in line with this narrative.
Should the rally stretch above that ceiling, investors may seek resistance somewhere between 260.00 and 269.20. Otherwise, a flip backwards may retest the 200-day SMA around 179.17 before the spotlight shifts to the 164.00 level, where the 20- and 50-day SMAs are currently hovering. Another leg lower could open the door for the trough of 141.43 registered in late October.
Summarizing, Boeing’s stock has resumed a bullish bias in the short-term picture, increasing optimism that the recovery could extend towards previous highs.Latest News
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