Boeing’s share price has been holding firm over recent days, despite a raft of bearish news surrounding the US airline maker.
Boeing stock technical analysis shows that a bullish reversal pattern is signalling more gains towards the $380.00 resistance area.
Boeing medium-term price trend
Boeing’s share price has remained robust despite a raft of bearish fundamental news over recent days. Price action surrounding the stock continues to suggest that traders are having an increasingly hard time shorting Boeing.
Boeing stock technical analysis shows that the US aviation giant’s share price could rally towards the $380.00 level over the medium term.
Looking at the daily time frame it certainly appears that a complex head-and-shoulders pattern is close to being completed.
The neckline of the bearish reversal pattern is currently located around the $310.00 support region, an area that sellers have so far failed to gain traction below.
Medium-term traders may be more inclined to wait for a confirmed breakout under the $310.00 support level before attempting to short Boeing.
Boeing short-term price trend
Boeing stock price analysis over the short term shows that sellers are in control while price trades above the $340.00 level.
A bullish inverted head-and-shoulders pattern has been created across the lower time frames and is signalling further gains towards the $380.00 level.
With the fundamentals surrounding Boeing so heavily bearish at the moment it appears likely that any moves higher could be a short squeeze.
However, it is worth mentioning that traders should be extremely cautious while price trades above the $340.00 level, as the short-term technicals are pointing to more gains.
Boeing technical summary
Boeing stock technical analysis indicates more short-term strength for the US airline maker while price trades above the $340.00 level. A move towards the $380.00 level may be on the horizon, despite the bearish fundamental news.
