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Possible Bullish Inside Day Candle Pattern Detected for Boeing (NYSE:BA)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Boeing (NYSE:BA) based on the price action in the company's shares. Today's price range of $124.03 and $124.76 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Boeing may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

The Boeing Company, together with its subsidiaries, develops, produces, and markets commercial jet aircraft, as well as provides related support services to the commercial airline industry worldwide. The Company also researches, develops, produces, modifies, and supports information, space, and defense systems, including military aircraft, helicopters and space and missile systems.

In the past 52 weeks, Boeing share prices have been bracketed by a low of $102.10 and a high of $150.59 and are now at $124.33, 22% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.0%.

Potential upside of 32.2% exists for Boeing, based on a current level of $124.33 and analysts' average consensus price target of $164.42. Boeing shares should first meet resistance at the 50-day moving average (MA) of $128.37 and find additional resistance at the 200-day MA of $134.57.

SmarTrend is monitoring the recent change of momentum in Boeing. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Boeing in search of a potential trend change.

Keywords: bullish inside day candle Boeing

Ticker(s): BA