Courtesy of Chris Kimble.
CLICK ON CHART TO ENLARGE
Boeing has been in a leadership role over the past few years, as it has far outpaced the Dow and S&P 500 to the upside. The trend for Boeing remains up and price action of late has not changed this trend.
6-months ago Boeing hit rising resistance line and since then it has traded sideways. While it was hitting this line at (2), monthly momentum was hitting the highest levels in the past 30-years!
Strong support for BA comes into play around the $320 zone. The long-term trend remains up above this key support line. With momentum elevated, if support at (3) would happen to break, selling pressure could pick up and impact the stock, as well as the Dow and S&P 500.
–
To become a member of Kimble Charting Solutions, click here.
