Boeing bullish momentum cooling down in the short term
Boeing Company (The) (symbol ‘BA’). The company’s earnings report for the fiscal quarter ending December 2022 is set to be released on Wednesday 25th of January, after market close. The consensus EPS for Q4 is $0.30 compared to Q4 2021’s $-7.69.
‘Even though the aerospace and defense giant is getting criticized lately for their delivery delays, the price of its share seems unaffected by these allegations and continues the bullish rally. ’ said Antreas Themistokleous at Exness: ‘It's no secret that the issues of supply chain and labor availability in the aerospace industry are causing trouble to the production but the reopening of the Chinese economy should be beneficial for the company in 2023.’
From the technical point of view the stock had an exceptional quarter with the share price gaining more than 56%. The price broke above all technical resistances since early November and is still holding above all moving averages. In recent sessions we witnessed a minor correction to the downside after finding some resistance on the upper band of the Bollinger bands and the 78.6% of the daily Fibonacci retracement levels.
The overbought indication on the Stochastic oscillator in combination with a prolonged bullish rally could possibly signal that a correction to the downside is very possible to happen before resuming the overall bullish movement. If this is confirmed we could expect some support around the $200 price area which consists of the 20 day moving average and also the psychological support of the round number.
‘Even though the aerospace and defense giant is getting criticized lately for their delivery delays, the price of its share seems unaffected by these allegations and continues the bullish rally. ’ said Antreas Themistokleous at Exness: ‘It's no secret that the issues of supply chain and labor availability in the aerospace industry are causing trouble to the production but the reopening of the Chinese economy should be beneficial for the company in 2023.’
From the technical point of view the stock had an exceptional quarter with the share price gaining more than 56%. The price broke above all technical resistances since early November and is still holding above all moving averages. In recent sessions we witnessed a minor correction to the downside after finding some resistance on the upper band of the Bollinger bands and the 78.6% of the daily Fibonacci retracement levels.
The overbought indication on the Stochastic oscillator in combination with a prolonged bullish rally could possibly signal that a correction to the downside is very possible to happen before resuming the overall bullish movement. If this is confirmed we could expect some support around the $200 price area which consists of the 20 day moving average and also the psychological support of the round number.