Boeing Green lines - Support
No matter the good news this company gets it can break above that downtrend initiated since March 2019. On this weekly chart you can see it bounced of supporting trendline here at 194.
It's starting to look like Boeing wants to close that gap at 160 down below. The new lockdowns they are imposing won't do any help here. But let's put the covid scare to side and just look at that down trend, even before this week's sell I think we were headed lower anyways.
I highlighted the next strong supports in green. if we drop below 192 support it's almost certain 160 gap close is in the cards. 173.25 is a fibonacci support level and that would be my first target should we drop below 192.
Bullish case? Oversold on weekly and daily Bollingerbands which could provide for a temporary relief bounce back up to Daily fibonacci resistance at 210 then the infamous downtrend around 220.
Side note doesn't this look like one big bear pennant? Scary if it is
I think the travel levels that we saw pre pandemic we wont be seeing for another few years and that has to affect Boeings bottom line if it effects the airlines..
