Watching BA at this major support level near 173.97 and 180.98 within this large expanding wedge. It's currently holding a lesser support level at 177.46 and 179.32. The current weekly candle has printed a bullish pinbar so far with 3 more days left on the week.
I will be watching price action over the next week or so to confirm a shift from the current downtrend on smaller timeframes.
Current Confluences:
- RSI oversold (W)(D)
- Oversold STOCH (W)(D)
- STOCH curling upward (D)
- Price flagging on 4h
- A slight divergence on the daily
- Jeanius buy signals are starting to come in on the (D) and (W) timeframes
- * Will update any additional confluences*
Current Cautions:
- Negative News Sentiment
- Sellers still holding control
- Trend in still down overall
Trade Idea:
- At these levels, BA is looking good to make a recovery. I would first wait to see if it trades sideways here or makes one more push down to test the support of the expanding wedge one more time before making a reversal. That would be ideal for the LEAPS buyers.
- For the traders, it is best to stay patient for now. If BA does attempt to make an immediate reversal, A reclaim of the first resistance level above at 191.75 and 194.05 would be the safer starting point, Or for the impatient, you can trade the highs and lows of the current range between the current support and resistance.
I will be watching price action over the next week or so to confirm a shift from the current downtrend on smaller timeframes.
Current Confluences:
- RSI oversold (W)(D)
- Oversold STOCH (W)(D)
- STOCH curling upward (D)
- Price flagging on 4h
- A slight divergence on the daily
- Jeanius buy signals are starting to come in on the (D) and (W) timeframes
- * Will update any additional confluences*
Current Cautions:
- Negative News Sentiment
- Sellers still holding control
- Trend in still down overall
Trade Idea:
- At these levels, BA is looking good to make a recovery. I would first wait to see if it trades sideways here or makes one more push down to test the support of the expanding wedge one more time before making a reversal. That would be ideal for the LEAPS buyers.
- For the traders, it is best to stay patient for now. If BA does attempt to make an immediate reversal, A reclaim of the first resistance level above at 191.75 and 194.05 would be the safer starting point, Or for the impatient, you can trade the highs and lows of the current range between the current support and resistance.
Dennis Butler Jr.