Courtesy of Chris Kimble.
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Boeing has done very well of late, gaining 5% more than the Dow the past 30-days, despite the challenges with the battery systems on the dreamliner. Boeing has been part of the reason for the Dow hitting all-time highs.
Now this key Dow stock finds itself at a price point where a crossroads of resistance comes into play at this 23% Fibonacci level of its large 2007-2009 decline. This price level is also important because its the right shoulder of a head & Shoulders topping pattern before a 60% decline back in 2007. If long this stock the Power of the Pattern would suggest to put a stop a few percent below current prices to protect gains achieved.
Will investors exit this high flyer? A break above these price levels would be good for Boeing and the Dow. Keep a close eye on BA in the upcoming weeks!!!
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