BA: Week of August 29Thought I would give a BA update because its on my list for this week.
Will keep this one short and to the point.
My preference with BA is as a day trading candidate. Its slow, steady and predictable. Generally remains fairly range bound. With that in mind, on Monday I expect selling to continue. Highest probability targets for Monday are:
1. 163.11 (Highest probability); and
2. 161.38 (Second highest probability).
For you swingers, trading range for BA this week is displayed in Blue, with a range of 148 - 181.
Immediate calculated target for swinging is 154.89. This is just based on math calculations.
Technically, there is some cluster/demand support around 141 displayed in the blue box.
Overall, BA has been really resistant in selling down too much lately. Its been very range bound. The broader market will likely bring it down some more; however, I am not terribly short biased on BA. I am actually pretty neutral. Its range boundness is the reason why its a fun day trading candidate. However, it is in a notable head and shoulders pattern, but I really find chart patterns have been super unreliable lately and generally just ignore them all together in favor of following math projections.
I do fully expect this to re-test the 150s and if I were to swing it (which I actually may) 154.89 would be by TP. Its quite likely it will fall more, but again, not overly short biased here and I prefer day trading this stock.
Trade safe everyone!
Leave your questions, comments and critiques below.