BA remains bearish We had a flat top bearish candle form yesterday on the daily chart with Heikin Ashi and it continued today.
Historically, from the formation of the flat top bearish trend, BA falls on average of 12%.
With earnings coming up next week (January 26th) I think we will have continued sell off.
There is also a lot of psychology backing my thinking. BA has been performing so poorly this year and has been THE biggest drag on my long term holdings. You can bet that I was quick to cut them loose once we came back to the 220s and took my profits there. I bet many other people who were invested in this long term are also looking to GTFO of their BA positions because it has just been such a drain this year, the company fundamentally is poorly managed and its future is being challenged with makers like Airbus and Embraer (I personally took the money I had invested in BA and moved it over to Airbus because of the clear display of poor management BA has had over the past 2 years, I was just greatful that I didn't have to take a loss).
My price target is $200 (10% pullback) and then $194 (13% pullback) if 200 support is broken. I could be wrong. Who knows. BA and TSLA are like the psycho ex that just doesn't listen and does things just to screw you over. But we will see!
Disclaimer: NOT financial advice. These are my opinions and I have been known to be wrong.
