Boeing tailspin and crash averted? Maybe a time to buy?NYSE:BA
With a lot of negative press, a bullish outlook is pretty contradictory. So while my outlook is bullish, please trade with caution. I believe it has great upside potential...for the time being.
Analysis is based on simplified Smart Money Trading Concepts.
On the Weekly time frame, we have had 2 breaks of structure recently.
The first at 192.41 to the downside. Which was more likely an LQ sweep on a higher time frame. Not the cleanest but not all price action is.
The second at $243.10 to the upside.
In the current trading range $176.25 to $267.54, we are retracing back to the daily change of character. Which is the point in which demand over powered supply and I believe we'll close the gap at $197.26 at which point the Bulls will take charge.
***Any break and close below $176.25 will invalidate this trade idea. ***
If you are interested in a free course on how I analyze the markets, let me know in the comments.
If you are trading stock CFDs or the underlying ticker :
4 positions between the 62% pullback($210.94) and the 89% pullback($186.29) would be ideal.
Exits:
1st = $267.54
2nd = $292.19
3rd = $324.14
4th = $358.83
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If you are trading stock options:
NO less than a 6 month expiration!
Suggestion:
20th September Expiration
Buy OTM CALLS between $255-$260
ideally 1-3 positions
If you need an options calculator, I suggest using: www.optionsprofitcalculator.com
Exits:
(STRIKE price)
1st = $292.19
2nd =$324.14
3rd= 358.83
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Premium - Discount Zones Explained:
In Bullish market structure/bias ---> Buy below the 50% of a fibo retracement
**Ideally between 62% to 89%**
In Bearish market structure/bias--> Sell above the 50% of a fibo retracement
**Ideally between 62% to 89%**
***Please note: the fibo retracement would be flipped in bearish market structure and the 62%-89% zones would be in the upper 50% of the fibo retracement***
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If you are interested in a free course on how I analyze the markets, let me know in the comments.
THERE IS NO CHARGE FOR AWESOMENESS