Boeing’s share price has started to turn lower, following an extended period of price consolidation between the $190 and $170 level.
Boeing stock technical analysis shows that the overall trend remains to the downside. A bearish triangle pattern breakout is warning of a coming drop towards the $130 technical zone.
Boeing medium-term price trend
Boeing’s share price came under pressure alongside the broader market last week, as bearish fundamental news surrounding the coronavirus continues to harm the aviation stock.
Boeing stock price analysis shows that a large head-and-shoulders pattern will form if the price drops towards the May 2020 trading low.
The daily time frame shows that a head-and-shoulders pattern will form if the Boeing share price drops towards the $115 support area.
According to the size of the potential bearish pattern, the Boeing share price could fall towards the $20 level over the long-term. A break of the current yearly low, around the $88 level, should increase technical selling.
Boeing short-term price trend
Boeing stock technical analysis over the short term shows that bears are in control while the share trades below the $158 level.
Lower time frame analysis shows that the stock has performed a bearish triangle pattern breakout, following the recent move below the $158 level.
According to the size of the triangle pattern, Boeing’s share price could drop towards the $130 support area over the short term.
Traders should note that both the short and medium-term trend surrounding Boeing share is bearish. Selling rallies or pullbacks are therefore preferred.
Boeing technical summary
Boeing stock technical analysis shows that a bearish triangle pattern breakout has taken place. A large head-and-shoulders pattern will form if the price reaches the $115 level.
