AHiray

Boeing- Symmetrical Triangles

Long
NYSE:BA   BOEING CO
Today (June 1) Boeing shows signs of a breakthrough. Despite the past few months being a rollercoaster for this airplane manufacturer, they may be coming closer to an uptrend.

Moving Averages show a possibility for an uptrend. The chart shows two moving averages, the blue line representing length 21 (resolution 15m) while the orange moving average represents a length of 50 (resolution 15m as well). From 10 pm (UTC-5) till market close Boeing remained in a side ways trend predominantly. However, the blue moving average crossed over the orange moving average at around 9:30 UTC-5 today. Since then the 21-length moving average has stayed way above the length-50 moving average. This is a clear sign that there is a good possibility for an uptrend in the coming days.

Technical indicators such as moving averages are often useful and helpful for determining trends. However, some more chart pattern analysis is necessary to confirm my belief.

Throughout today, Boeing has seemed to show indication of an uptrend: The Symmetrical Triangle

For those who may not be aware, a triangle pattern is a chart pattern caused by a converging price range with the hope of presenting a breakout and a change of trend. Triangle patterns can show both an uptrend or a downtrend.

Boeing has demonstrated two symmetrical triangle patterns within the past day, but showing a bullish uptrend.

We could see the first triangle pattern (pink triangle) form as the price range began converging from 9:50 am UTC-5 to around 12:30. This symmetrical pattern indeed did show a bullish pattern as this triangle was followed by a 1% jump in less than an hour.

This jump was followed by another formation of a symmetrical pattern as the price range began converging once again (blue triangle). The market closed right as the trendlines converged. This seems to indicate that the next day should demonstrate a breakout.

If the pattern follows as it did before, Boeing should go up once again. However, patterns do not have to repeat themselves and thus this descending triangle may foreshadow a downtrend. As the previous pattern was an uptrend, the odds are that once again we will experience a breakthrough upwards.

Please let me know if you have any feedback or if there is anything I missed out. I appreciate the feedback.

Comments

Wish I had seen this when it was posted.
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wow! Right on track! any ideas moving forward from today?
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RobFlorio CASH_OUT
@CASH_OUT, very nice but i now wait for close... today looks like a trend shift anyone agree?
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AHiray RobFlorio
@RobFlorio, I still think BA will be going up for a little. The Moving Average lines nor RSI show any short term indications of a change in trends. I will keep writing if I notice something changing.
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AHiray CASH_OUT
@CASH_OUT, I believe Boeing will keep going up for a few days. BA currently seems to be in an uptrend so I would predict that it continue going up. I will write another post at a later time revisiting the stocks I have written about.
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15min chart?
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AHiray leeweechong
@leeweechong Yes I have used a 15- Minute chart!
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