Don't Ignore This Chart!

Boeing Hits Big Support Zone and Becomes Oversold


It has been a rough year for Boeing, but the stock may be poised for an oversold bounce. After a big plunge in January, the stock firmed for a few months and then worked its way higher in April-May. BA peaked in early June and fell back to support over the past week. Notice that RSI dipped below 30 for the first time since early February. The stock is still in the falling knife category, but is ripe for at least an oversold bounce. Watch this week's high for a short-term breakout. 

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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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