BA for the most part has been trading in a range, but it's also started to form lower highs. Keeping my eyes on BA as we approach the critical support level at $123.50 which it has now defended 3x. A break on that support level will trigger my entries for a conservative 1:3.5 risk/reward and upwards to a 1:5 return. A break on the descending triangle kills this thesis, however, considering the state of our economy, I'm slightly biased on the short side.
I agree that this stock will continue to fall. I am not sure about defending the 123. This company has some serious issues with its current planes that we have not seen any turnaround for. Currently commercial airplanes are 42% of their business. I think that we will need to see companies ordering airplanes for this stock to get back above that 123.
dmamaril
⋅
@gychewy definitely a lot of headwinds for BA to push through
michaelwin01
⋅
@dmamaril, good thing Boeings are designed to takeoff in a headwind