Uh ohBA seems to be struggling with that descending resistance, as expected.
Unfortunately, I think there is more working against BA than for BA at this point. Looking like we are entering a bear market, BA in general being a stock to quickly sell off also doesn't help (meaning those who are invested may be more likely to get spooked and sell).
I haven't actually been updating my BA dataset in SPSS since a couple of days (I have been focused on other stocks), so I don't have any math insights to give you. This is strictly just a support resistance post and opinion.
I have set an alert for 223. If we reach it, I will be looking for rejection around there to potentially short it.
Sorry @ktaba !
I do feel really bad. I really want to see BA do well. I just don't think its ready yet. But maybe.
If we can break that descending resistance and hold, that would be great.
But it did recently do a fake out around Jan 18th where it pierced but then got rejected. SO I wouldn't go long until it actually holds that resistance/support line.
On the optimistic side, BA kind of just did its own thing in 2021. Despite 2021 being super bullish, BA wasn't particularly bullish or bearish. It behaved normally. And BA hasn't really displayed an inclination to follow market trajectories, so we could just see a continuation of BA not giving a F what the market is doing (like it did in 2021) and just do its own thing.
But I just think the selling pressure on the market currently is going to have some effect on BA as well.
Happy trading all!
