This is simply a snapshot in time and is an attempt at ascertaining probable outcomes. One should be prepared to change ones strategy at anytime if patterns do not play out as anticipated.
BA is looking bearish in the short term. It can be seen that while the S&P as a whole was showing strength in the past few weeks, BA was showing weakness and has entered into an equilibrium pattern. The S&P 500 is potentially entering into daily consolidation. If the S&P 500 enters into a daily downtrend, BA is likely to retest supports. BA is likely to be dragged down by the continued global COVID-19 impacts on commercial air travel, the 737 MAX issues, and by the wider market.
Resistance can be found at:
$186.44
$164.80
$153.78
$147.14
Support can be found at:
$123.87
$120.04
$89.07
A retest of the recent low of 89.07 would place the RSI in oversold conditions on the daily time frame which would then be an opportunity for a long play should the trend reverse on shorter time frames (higher highs and higher lows on the 4-hr etc.).
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BA is looking bearish in the short term. It can be seen that while the S&P as a whole was showing strength in the past few weeks, BA was showing weakness and has entered into an equilibrium pattern. The S&P 500 is potentially entering into daily consolidation. If the S&P 500 enters into a daily downtrend, BA is likely to retest supports. BA is likely to be dragged down by the continued global COVID-19 impacts on commercial air travel, the 737 MAX issues, and by the wider market.
Resistance can be found at:
$186.44
$164.80
$153.78
$147.14
Support can be found at:
$123.87
$120.04
$89.07
A retest of the recent low of 89.07 would place the RSI in oversold conditions on the daily time frame which would then be an opportunity for a long play should the trend reverse on shorter time frames (higher highs and higher lows on the 4-hr etc.).
Like my work? Buy from my store.
www.amazon.com/s?me=A3716CZ...