Boeing Gonna Have A Hard Time Flying...
BA I believe is gonna have a hard time moving up through multiple resistance areas. As seen in previous post (linked) BA printed a bearish reversal sign candle in the Gravestone Doji. In trading this candle, the sell signal is the price closing below the LOD for the doji, which occurred today. Backing out a bit, you can see the loss of an uptrend support line, the retrace back to it, and the rejection in the form of the Gravestone Doji. Also, there is a downtrend channel resistance line, and the 125 moving average that will all likely act as forms of resistance to further gains. Stochastic has crossed over bearish as well. We are all aware of the fundamental problems with the 737, but now that the techs are turning bearish it looks to me like a good time to get your money in short with BA. I like the Sept 6th P330, currently available for about 120 bucks per contract. Trade negated at BA 366. Happy hunting and GLTA!!
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