Boeing (NYSE:) is the top Dow gainer this morning. The stock is up more than 4% and is trading at new highs for the week. The lows set last week, which took out key support near the July lows, are looking more significant. We believe Boeing is, once again setting up well for a fresh rally leg.
Boeing has been trading inside its June range for the last three months. This narrow consolidation has held well above the May lows, while shares remained far from overbought. A clear break above the $181.00 area (initial September high) could spark quite a run.
On the downside, a close back below this week’s low ($159.00) would indicate more sideways action is on the way.
Note: We are long BA in some managed accounts.
You can read Gary S. Morrow’s original post here.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.