December 8 Chart of the Day - Boeing
If you've been following our Chart of the Day posts and have benefited from one or more of them we ask that you consider participating our NEW Pay It Forward - Traders Helping Traders program.
Boeing (BA) looks like it could be set to take off and potentially gain some altitude (pun intended)...
On the monthly chart, from a price action technical analysis perspective, it sort of looks like price has been all over the place the last few years since making a $446.01 all time high (ATH) in 2019.
Trading around $240 earlier today price is teetering at a decision level of whether to break out or fade back to the downside.
This can be seen with more clarity down on the weekly chart as price may be trying to break above the trend line it's bumping up against again as well as attempting to cross a change control zone between $234 - $243 area.
Change control zones are one of the five price action tools we teach when charting anything. By definition, they are an area that represents where neither the bulls nor bears are in charge. Price can slash though the zone with seemingly reckless abandon, price can respect the top or bottom from outside it or within it. Or, price can trade aimlessly sideways within it. When price breaks away from the zone it can often get drawn back to it like a magnet. And in this case we see all of the above are true.
Historically, price has crossed this weekly zone a total of 15 times and respected its boundaries from above and below 6 times truly making it a price magnet.
Should price fail to break above the trend line and decide to pull back we've identified potential pull back levels using Fibonacci from which traders and investors can develop their plans from.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
Take a look at the charts and let us know what you think.
We'd like to hear from you in the comments sections.
Have a chart you'd like to see featured?
Send requests at https://stockchartpros.com/community/contact
Would you like charts like this delivered directly to you every day? ChartPros Trade Room is offering an OPEN HOUSE 7-day free trial at this link.
