CAn Boeing weather the storm BA LongBA on a daily chart is trading in the bottom portion of its intermediate-term trading range
having incurred a series of adverse news catalysts, FAA investigation and loss of trader
sentiment. It is now in the lower portion of the high volume area and below the POC line.
There are multiple touches of a horizontal support before and after a big earnings beat.
The question now is whether BA can mount a good fibonacci retracement of the prior
downtrend. I believe that it is quietly acumulating volume and shares at a given price for
a solid base from which to make a trending move upside to the Fibonacci levels on the chart
and perhaps in time after another good earnings head toward the pivot high of last year.
I will go long from here finding good cause to buy at this discount.
