Boeing: Watch This Level
Nicholas Santiago | Jul 24, 2014 11:48AM ET
Leading aerospace manufacturer Boeing Company (NYSE:BA) is once again trading lower. The stock came under major distribution in 2014 after peaking in January at $144.57 a share. Today, Boeing is trading lower by $2.13 to $124.58 a share. Many traders and investors are now hearing that business is slowing down for the company. Earlier today, the stock was downgraded by BofA/Merrill Neutral from Buy citing potential cancellations in orders and shrinking military programs.
Important Support
Traders must now look to the charts to find important support levels where the stock could stage a bounce and create a trading opportunity. At this time, Boeing should have important support around the $117.75 level in the near term, which is where the stock broke out in October 2013. Often, prior break-out levels can serve as important support when retested.
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