In today's Stock of the Day, let's take a look at Boeing from a long-term perspective, specifically on the weekly chart.
The current setup offers some optimism for buyers. What stands out first is the purple horizontal support line, a key level that was briefly broken a few weeks ago. However, this move quickly turned out to be a false breakout, highlighted with red on the chart. The price didn’t stay below the support for long and swiftly bounced back above it—an early positive signal for bulls.
This bounce off support wasn't just technical—it helped reaffirm the strength of that key level. Since then, Boeing has been slowly recovering and is now approaching a critical green downtrend line, which connects lower highs formed over the past several months. This trendline currently acts as the major resistance barrier.
As long as the price remains below that green downtrend line, buyers should remain cautious. But if Boeing manages to close a full week above that line, it would confirm a breakout and activate a strong long-term buy signal. Until then, it’s a waiting game with a clear line in the sand.