The Boeing Company (BA) stock traded as high as $394.28 on Oct. 3 and then plunged by 25% to its Dec. 26 low of $292.47. Dec. 26 proved to be a daily "key reversal," as the close that day was above the Dec. 24 high. This was the first indication that Boeing could be a winner in 2019.

Boeing shares closed Tuesday, Feb. 5, at $410.18, up 27.2% so far in 2019 after setting a new all-time intraday high of $410.78. The stock is a huge winner, up 40.2% from its Dec. 26 low of $292.47. The stock is not cheap, as its P/E ratio is 24.77 and its dividend yield is 1.72% according to Macrotrends.

Boeing is the largest manufacturer of commercial airplanes and is also a defense contractor and builder of space and security-related systems. Boeing is a member of the Dow Jones Industrial Average and beat analysts' estimates on earnings per share by a wide margin when it reported results before the opening bell on Jan. 30. The stock gapped higher that day and continued higher, setting its latest all-time high of $410.75 on Feb. 5. Boeing stated that it has made investing in a supersonic aircraft a priority in a move to accelerate technology advances in aircraft design.

The daily chart for Boeing

Daily technical chart showing the share price performance of The Boeing Company (BA)
MetaStock Xenith

Boeing's chart shows that the stock had a daily "key reversal" at the low of $292.47 set on Dec. 26. The close of $322.50 on Dec. 31 was the input to my proprietary analytics, and this resulted in two of the four horizontal lines on the chart. My semiannual and annual value levels are $323.80 and $302.60, respectively. My quarterly risky level is above the chart at $422.99. The Jan. 31 close at $385.62 resulted in a monthly value level at $359.36. My weekly value level is $370.88.

The weekly chart for Boeing

Weekly technical chart showing the share price performance of The Boeing Company (BA)
MetaStock Xenith

The weekly chart for Boeing has been positive since the week of Jan. 11, with the stock now above its five-week modified moving average of $364.41. The stock is also well above its 200-week simple moving average, or "reversion to the mean," at $218.32, last tested during the week of Feb. 26, 2016, when the average was $115.75. The 12 x 3 x 3 weekly slow stochastic reading is projected to rise to 77.25 this week, up from 68.81 on Feb. 1.

Trading Strategy: Given these charts and analysis, investors should buy Boeing shares on weakness to my weekly, monthly, semiannual and annual value levels of $370.88, $359.36, $323.80 and $302.60, respectively, and reduce holdings on strength to my quarterly risky level of $422.99.

Disclosure: The author has no positions in any stocks mentioned and no plans to initiate any positions within the next 72 hours.