Boeing Support: Watch This Technical Pattern
Chris Kimble | Dec 19, 2019 03:29PM ET
Boeing (NYSE:BA) seems to be in the news quite a bit lately. But perhaps an even more important bit of news for investors has to do with Boeing's long-term stock chart.
And how this chart's pattern plays out will have ramifications for BA investors as well as the broader market (Boeing is a large-cap component of the Dow Jones Industrial Average).
Is Boeing (NYSE:BA) creating a head-and-shoulders topping pattern?
As you can see in the weekly chart above, a potential head-and-shoulders topping pattern is in play. And even if this is considered to be a sloppy head-and-shoulders pattern, the formation has the look of a potential rounded top as well. This will go from a minor concern to major concern should Boeing (NYSE:BA) break down through neckline support.
With this in mind, investors should watch the $311 price support remembering that support is support until broken. Bulls do not want to lose that level. Stay tuned.
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