Chart of the Day: Boeing Accelerates to New Status
Don’t look now but Boeing ($BA) has quietly moved to a strong bullish condition, for the first time since the spring.
That is a huge development as the stock has been in a sideways consolidation for months. It still has not broken out to the upside, which would be a confirmed move above $240. Last week’s surge on higher volume though has held firm, meaning money flows into the stock are not leaking (selling). This makes last week’s low (220) a good reference point.
We are looking for even better action now that the candles have turned blue again. That is a strong bullish condition in the GoNoGo composite of indicators. Momentum is strong but starting to wane, MACD is on a buy signal and money flow, while rising lately, is still under the zero line. A few more pushes to the upside and we can see the $250 level (purple line) as the next objective.
We recently profiled Boeing after the company shared its July deliveries and order figures.
We like Boeing in TheStreet Pro Portfolio and rate it a two, stockpile on pullbacks.
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At the time of publication, TheStreet Pro Portfolio was long BA.
