Investing.com - Financial Markets Worldwide

Boeing Trading In A Rectangular Pattern

ByAvaTrade
Published 12/05/2014, 06:46 AM
BA
0.87%

Boeing Company (NYSE:BA) is trading mostly in a rectangular pattern on a daily time frame. However, recently, the price action has shown more volatility as the price has pierced the Bollinger® band toward the upside. The zone of 137-135 is also a minor resistance zone and it is at this point that we had the price piecing the Bollinger® band and this increases the significance of this event and hence we have seen a little sell off.

The price is still far away from its 20-day moving average which means that we could see the correction for a little while as this is also confirmed by the MACD and the RSI. Both indicators are trading near their over bought zones and have only recently come off from their extreme zone.

Important Zones
116 -118 support
140-136 Resistance

Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.

by Naeem Aslam

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