Boeing stock price analysis shows that the US airlines share price has recently come under downside pressure, following bearish fundamental news surrounding the 737 MAX jet.
Boeing stock technical analysis shows that a bearish reversal pattern is signalling more weakness ahead while price trades under $320.00.
Boeing medium-term price trend
Boeing’s share price endured its worst one-day sell-off of 2020 last week, following bearish news surrounding the controversial 737 MAX airplane.
Boeing stock price technical analysis shows that the US aviation giant’s share price is heavily bearish over the medium term while trading below the $340.00 level.
The daily time frame shows that a large bearish reversal pattern has formed and is close to completion after the last week’s price slump.
Looking at the daily time frame in detail, the neckline of the bearish reversal pattern is currently located around the $310.00 support region, an area that was briefly tested last week.
The overall downside projection of the large bearish pattern indicates a potential $150.00 decline in Boeing’s share price.
Watch out for more weakness in Boeing share price if the $310.00 level is breached with conviction this week.
Boeing short-term price trend
Boeing stock price analysis over the short term shows that sellers are in full control while price trades under the $350.00 level.
The short-term technicals for Boeing are fairly bearish at present and certainly indicate that bulls have few options but to retreat at this stage.
The four-hour time frame is showing a small head-and-shoulders pattern, with the neckline of the pattern located around the $320.00 level.
Looking at the downside projection of the head and shoulders, the overall bearish target of the pattern would take Boeing’s share price towards the $250.00 level.
The pattern appears to be a complex head-and-shoulders pattern, with multiple shoulders, which could indicate more volatility between the $320.00 to $350.00 area before it completes.
Overall, traders should expect heavy short-term selling if the $320.00 level is overcome this week.
Boeing technical summary
Boeing stock price technical analysis highlights that multiple bearish reversal patterns have formed and are signalling more downside for the aircraft maker’s share price.
