Boeing’s share price appears vulnerable to further medium-term downside, following weeks of sideways trading action between the $195.00 and $170.00 levels.
Boeing stock technical analysis shows that the loss of the $170.00 support level may trigger heavy selling towards the current 2020 price low.
Boeing medium-term price trend
Boeing’s stock price could be set for its next major leg lower, as the fundamentals and technicals surrounding the airline maker appear increasingly bearish.
Boeing stock price analysis shows that the share price could soon fall towards the $90.00 area if a breakout below the $170.00 support level takes place.
The daily time frame shows that the 23.6 Fibonacci retracement of the stocks all-time high to the 2020 trading low is located around the $170.00 level.
Traders should note that if the $170.00 support level is broken then the $138.00 and $125.00 levels offer the strongest forms of technical support, prior to the $100.00 level.
Boeing short-term price trend
Boeing stock technical analysis over the short term shows that bulls are in control while the share trades above the $170.00 level.
Lower time frame analysis shows that the stock is currently trading within a symmetrical triangle pattern. These patterns typically signal that a powerful directional breakout is coming.
According to the size of the pattern, a $20.00 price move will occur once the $190.00 and $170.00 price range is breached.
Due to the strong bearish trend in place and weak price-action over the medium-term, a downside breakout is currently favoured.
Traders should note that if price falls under the triangle pattern, around the $170.00 support level, then Boeing’s share price could tumble towards the $150.00 level, and possibly much lower.
Boeing technical summary
Boeing stock technical analysis continues to point to more short and medium-term weakness for the airline maker. The $150.00 level is seen as a possible short-term bearish target.
