Tickers in this Article » BA
On October 9, we noted that a double top pattern formed on the chart of Boeing Co. (NYSE:BA). In the report we suggested that the bears would likely try to send the stock toward the established support near $94. As you can see from the chart below, the bears did indeed push the price down to the support, but this level is no longer a concern. Notice how the stock is currently trading near $85. This is an important price point because it has been able to prop up the price in the past. We believe that many short-term traders will keep a close eye this trendline because a close below would signal further downward momentum. We'll remain on the sidelines for now so that we can get a better idea of whether the bulls will be able to keep the price above $85.