Boeing (BA) shares closed slightly lower on Tuesday to put an end to꧑ a five-day winning streak during which the stock gained 14%.

The stock got a boost to start the week after analysts at Berstein 澳洲幸运5官方开奖结果体彩网:upgraded the stock, pointing out that the jet maker’s 澳洲幸运5官方开奖结果体彩网:narrower-t🧸han-expected first quarter loss posted last week indicates a turnaround toward growth. In addition, Spirit AeroSystems Holdings and Boeing rival Airbus agreed to a deal Monday, clearing the way for Boeing to reacquire the supplier as it works to improve its manufacturing quality

Boeing shares have gained 5% since the start of the year, after a turbulent 2024 that saw the stock lose a third of its value as a string of production mishaps and a crippling 澳洲幸运5官方开奖结果体彩网:machinists strike weigꦯhed🔯 on investor sentiment. Boeing shares fell 0.2% to $182 on Tuesday.

Below, we break down the technicals on Boeing’s 澳洲幸运5官方开奖结果体彩网:weekly chart and identify major price level worth pꦕꦗutting on the radar.

Double Bottom Takes Shape

Since forming a bullish 澳洲幸运5官方开奖结果体彩网:piercing pattern earlier this month, Boeing shares have continued to move higher, potentially forming a 澳洲幸运5官方开奖结果体彩网:double bottom in the process.

It’s also worth noting that while this month’s low made a lower low, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) made a comparatively shallower trough to create a 澳洲幸运5官方开奖结果体彩网:bullish divergence, a technical occurrence pointing to weakening se💜lli𓆉ng pressure.

Let’s identify two major overhead areas on Boeing’s chart that investors may be watching and also locate important 澳洲幸运5官方开奖结果体彩网:support levels worth tracking during 澳洲幸运5官方开奖结果体彩网:pullbacks.

Major Overhead Areas to Watch

The first overhead area to watch sits around $187. This level may provide 澳洲幸运5官方开奖结果体彩网:resistance near the closely watched 200-week moving average and a 澳洲幸运5官方开奖结果体彩网:horizontal line that𒁏 connects a range of trading activity on the chart stretching back to late 2021.🍃

Further buying enthusiasm could lift Boeing shares to the $215 level. Investors looking for 澳洲幸运5官方开奖结果体彩网:profit-taking opportunities may decide to place sell orders near the upper range of a period of 澳洲幸运5官方开奖结果体彩网:sideways drift on the chart between January and July 2023.&nbsཧp;

This location also sits in the neighborhood of a projected bars pattern target that takes the stock’s steep uptrend following a prior double bottom on the chart and repositions it from this month’s low, providing insight as to how a similar move higher may❀ play out.

Important Support Levels to Track

A 澳洲幸运5官方开奖结果体彩网:retracement in the stock could see the shares fall to around $140. This area on the chart would likely attract buying interest near last November’s prominent 澳洲幸运5官方开奖结果体彩网:swing low, which also closely aligns with a brief period of 澳洲幸运5官方开奖结果体彩网:consolidation in mid-2022.

Finally, a further descent in Boeing shares could see a drop to lower support at $121. Investors may view this as a potential buying level near the May and September 2022 swing lows that preceded the stoc💛k’s steep move higher in the fourth quarter of that year.

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