Shares in Boeing (BA) continued falling Thursday, after the airplane maker earlier this week withdrew its contract🌃 offer to striking machinists, prompting 澳洲幸运5官方开奖结果体彩网:rating agency S&P Global to issue a downgrade warning on the company’s debt.

Last month, 33,000 members of the International Association of Machinists and Aerospace Workers downed tools after union members voted to reject a deal that the two sides had negotiated. S&P Global cautioned that the industrial action was increasing financial risk for the company, estimating that Boeing will have a 澳洲幸运5官方开奖结果体彩网:$10 billion cash outflow this year as a result. 

The strike action adds to Boeing’s long list of challenges this year, with the jet manufacturer also dealing with several mechanical issues and a legal settlement relating to 澳洲幸运5官方开奖结果体彩网:two fatal crashes in 2018 and 2019. Since the start ofꦐ the year, Boeing shares have lost about 44% of their value.

The stock was down 1.6% at $147 in mid-afternoon trading Thursday. The shares are trading at theꩵir lowest level since October 2022.🌼

Below, we take a look at the 澳洲幸运5官方开奖结果体彩网:technicals on Boeing’s 澳洲幸运5官方开奖结果体彩网:weekly chart and identify important price levels that investors will likely be watch🧸iಌng.

Shares Descend Within Falling Wedge

Boeing shares have spent most of this year descending within a 澳洲幸运5官方开奖结果体彩网:falling wedge, a chart pattern consisting of downward sloping converging trendlines that in💖dicates a potential bul☂lish trend reversal.

Moreover, while the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) signals weak price momentum with a reading nearing oversold lev🅺els, it also increases the likelihood of possible upswings.

Looking ahead, investors should monitor four key overhead levels on Boeing's chart, while also keeping an eye on an important 澳洲幸运5官方开奖结果体彩网:support level.

Key Overhead Chart Levels to Monitor

An initial breakout above the falling wedge pattern’s top trendline could see the shares climb to around $192, an area just below the 50- and 200-week moving averages where they may run into 澳洲幸运5官方开奖结果体彩网:resistance near a trendline joining a range of comparable trading levels from June💎 2020 to July this൲ year.

Buying above this level could see the shares move up to the $234 area. This region may encounter selling pressure near several peaks that formed on the chart between June 2020 and Ju💮ly last year.

The next higher area to watch sits at $268, a location where the stock could encounter resistance around the March 2021 and December 2023 澳洲幸运5官方开奖结果体彩网:swing highs.

A longer-term rally in Boeing shares may see bulls make a run at the $320 area, where investors who bought at lower levels could look to 澳洲幸运5官方开奖结果体彩网:lock in profits near 🃏several troughs that formed on the chart shortly before the stock’s rapid Covid-driven descent in March 2020.

This level also sits just above a bars pattern 澳洲幸运5官方开奖结果体彩网:price target that takes the stock’s trend higher preceding the falling wedge pattern and positions it from recent lows, assuming a potential 澳洲幸运5官方开奖结果体彩网:continuation of the prior move.

Important Support Level to Watch

If Boeing shares break down below the falling wedge, keep an eye on long-term lower support around $121, an area on the chart where 澳洲幸运5官方开奖结果体彩网:buy-and-hold investors could look for buying opportuniti🥀es near three prominent lows that formed on the chart between May 2020 and September 2022.

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