Boeing stock price faces tough test at $200 resistance


Boeing Inc (NYSE:BA) stock price rose slightly at the start of the trading session, but lost those gains and is now trading slightly lower on the day. This is despite the company being in talks with the new owners of Air India over possible aircraft orders. Air India has an aging fleet that includes 140 aircraft from Boeing and its rivals Airbus.

Tata Group bought the company from the Indian government after 69 years. According to sources familiar with the matter, it is seeking to acquire new Boeing 787-9 Dreamliners. Earlier in the month, Boeing released data showing it added 75 new plane orders in January, with the recertified 737-MAX making up the bulk of the orders. It also received eight new orders for its freighter model, the 777F.

Boeing – NYSE:BA Stock Price Outlook

An upside gap followed Thursday’s price rebound, but the active candle encountered resistance at the 201.58 price level. If the bulls can overcome this barrier, 207.84 will become the next target. Further bullish action brings 215.73 into the mix. Nevertheless, the advance towards 222.18 will have to eliminate the descending trendline which connects the recent highs to the candles of November 15, 2021, January 18 and February 10, 2022. If this trendline is broken, 229.50 could also become a viable target on the upside.

On the other hand, the rejection at 201.58 and a pullback will bring 192.76 into the mix as a downside target. Any further decline will make 186.40 a viable target. A drop below this level targets 175.92, marking a fresh low since the Omicron-induced decline on Dec 1, 2021.

Boeing: daily chart

Follow Eno on Twitter.


Comments are closed.