Stock of the day: Boeing
26 September 2023
In today's analysis, I'd like to spotlight the Boeing company, which finds itself precariously perched on a crucial horizontal support level. Any breach of this line could potentially spell disaster for the stock's short-term performance.
September hasn't been kind to Boeing, with its trajectory largely on the decline. The alarm bells really started ringing in early September when the stock price breached a critical red uptrend line. This was followed by a substantial drop in value. However, yesterday, the stock showed some resilience, bouncing off a significant horizontal support at the 38.2 Fibonacci level. This support, colored blue on the chart, has been holding firm since February.
The recent bounce could herald the start of a bullish correction. Nonetheless, investors should tread with caution. A daily close below the 38.2 level might provide a compelling opportunity for short sellers.