Boeing May Be Attempting a TurnaroundBoeing has struggled for years, but now there may be signs of a turnaround in the aerospace giant.
The first pattern on today’s chart is the series of lower highs between December 2023 and early December 2024. The stock has now pushed above that falling trendline, which may suggest its direction is turning.
Next, the 50-day simple moving average (SMA) just formed a “Golden Cross” above the 200-day SMA. That may also indicate a change of direction.
Third is the rally between November 22 and late December. BA retraced half the move before bouncing, which may confirm an upward trajectory.
Fourth is the weekly close of $179.99 from mid-August. The shares have been stuck at that level since December. That may make traders view a close above it as a potential breakout signal.
Recent price action has gotten more interesting as well. Last week saw an outside candle around earnings, and now an inside week is forming.
While these signals are inconclusive, they’re all potentially consistent with a reversal. Could more news of a business revival bring long-term money off the sidelines?
Finally, BA is an active underlier in the options market. (Its average volume of 127,000 contracts per day ranks in the top 5 percent of the S&P 500, according to TradeStation data.) That may help traders take position if the shares start moving.
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