As government restrictions in the U.S. and elsewhere ease, so the global tourism industry is likely to recuperate. This would naturally boost airline stocks.
With regards to Boeing, the share price recently concluded a major Descending Wedge, which entails probable trend continuation. The pattern bottomed out at the 250-day MA (in red), which was followed by a reinvigorated bullish bias.
Subsequently, the stock price went on to break out above the 23.6% Fibonacci, the major resistance level at 240.00, and the 100-day MA. All of this underpins the robust buying pressure at the moment.
On the condition that the price action establishes a throwback to 240.00 from above, this would represent bulls with yet another opportunity to go long at a discount.
The major resistance level at 275.00 (upper part of the Wedge) represents the first major target for the uptrend.
With regards to Boeing, the share price recently concluded a major Descending Wedge, which entails probable trend continuation. The pattern bottomed out at the 250-day MA (in red), which was followed by a reinvigorated bullish bias.
Subsequently, the stock price went on to break out above the 23.6% Fibonacci, the major resistance level at 240.00, and the 100-day MA. All of this underpins the robust buying pressure at the moment.
On the condition that the price action establishes a throwback to 240.00 from above, this would represent bulls with yet another opportunity to go long at a discount.
The major resistance level at 275.00 (upper part of the Wedge) represents the first major target for the uptrend.
