BA on a daily chart is trading in the bottom portion of its intermediate-term trading range
having incurred a series of adverse news catalysts, FAA investigation and loss of trader
sentiment. It is now in the lower portion of the high volume area and below the POC line.
There are multiple touches of a horizontal support before and after a big earnings beat.
The question now is whether BA can mount a good fibonacci retracement of the prior
downtrend. I believe that it is quietly acumulating volume and shares at a given price for
a solid base from which to make a trending move upside to the Fibonacci levels on the chart
and perhaps in time after another good earnings head toward the pivot high of last year.
I will go long from here finding good cause to buy at this discount.
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BA rose since the trade was taken yesterday afternoon. Stop loss raised to breakeven making the trade risk-free and without stress.
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Price action sideways and range bound. Considering an iron condor. Volume theft from highflying tech and AI stocks suppressing momentum. Patience is a virtue part of the psychological aspect of trading.
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Same as above now in a descending channel awaiting maturation into a reversal an breakout likely next week after tech earnings settle down.
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Bullish divergence on a zoomed-in view may suggest a new leg up is coming?