If Boeing can stay away from bad news and regain the ascending channel, it should continue to test the top-side of the above channel as resistance.
My thoughts are that potential breakdowns may occur after a failure to test the top-side resistance of the ascending channel. Or after its 3rd test of the top-side resistance of the channel.
With good news and Japan continuing to buy equities rather than debt, I don't see it being out of the question for BA to break that top-side trendline resistance and reach the previous all-time-high trend demand zone into the mid $290s
My thoughts are that potential breakdowns may occur after a failure to test the top-side resistance of the ascending channel. Or after its 3rd test of the top-side resistance of the channel.
With good news and Japan continuing to buy equities rather than debt, I don't see it being out of the question for BA to break that top-side trendline resistance and reach the previous all-time-high trend demand zone into the mid $290s
Note
BA fighting between a somewhat meshed together supply and demand zone. Look for a break and retest out of either side of the top or bottom range. After a confirmed support above, I will look to enter long for day trade, or after confirmed resistance on a break below, will look to enter a short day trade.
Trade active
Will look to be out of this trade by Wednesday.
Delta on 12 March 21 was decent so when a little further out of the money than my goal of $235 with a $240 Call with a cost basis of $1.43
Trade closed: stop reached
Sold call for loss at $1.23Trade closed: target reached
Bought a $232.50 call this morning for $1.50 while the thetas were getting chomped on. Sold at topside resistance for $3.75 Had a little hunch when I saw how the thetas were moving while it was being pinned under $224. The decay was increasing much more than the price action showed was necessary. I didn't really expect to play this one again before it held support above $232, but thought I could get a good deal while the decay was being driven up while price action was holding.
Note
Wasn't confident in an entry this morning with that close under $232 so I didn't place and entry this morning. I'm going to be patient on this move. Expecting $240 resistance. Holding that $238-$240 range as firm support would give a nice entry to move up into that above yellow path price action.This has made some very nice impulse/corrections so far, as of now BA indicating a very strong push to challenge that descending resistance of the all-time-highs
Note
Update on breakout - critical levels in trendNote
Sorry... Above image should read $269 rather than $169 for PTTrade active
Initial price target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.