Is Boeing ready to fill the gap?
Boeing has been retracing a very narrow bear channel while consolidating the November ramp. Now it is currently attempting to break out of the upper band of this pattern. There are several encouraging signs here, starting with the golden cross of the 50 & 200 moving averages. If you missed that buy signal, we may be approaching a good time to hop in, as today tested the 50MA (trading above it should be considered bullish). The MACD is now back to neutral and a close above last week's high at $216 could spark a fresh rally leg. Boeing will encounter resistance at the $230-232 level, but if it can get beyond this, it should be clear to proceed filling the gap from March at $249.80. A break below last week's low of $204 or January's low of $201 would be reasonable stops, depending on your risk tolerance. As always, shares are safest, but I will be opening a $215/245 call debit spread. Good luck and happy trading.
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