Watch These Boeing Price Levels as Stock Slips After South Korean Crash | Global News Avenue

Boeing (Bachelor) shares fell more than 2% on Monday following news that South Korea ordered inspections of all 737-800 aircraft, but the stock will likely remain on investors’ radar. Jeju Air crash 179 people died over the weekend.

Boeing shares have endured a tumultuous 2024, weighed down by a series of aircraft quality issues and a prolonged strike by unionized mechanics. Raise additional capital to maintain its investment-grade credit rating and stem cash hemorrhages.

Although the stock has lost a third of its value this year, it has recovered about 14% in the past month as of Monday’s close after the company announced in early December that it had restarted production of its troubled 737 MAX jets. .

Below, we take a closer look at Boeing’s Weekly chart and use technical analysis Point out important price levels that deserve attention.

Falling Wedge Breakout

Boeing shares move higher after breaking through mark falling wedge above average volume Earlier this month, this signaled a potential bullish reversal.

Although today informationAmid the dollar-driven decline, the stock remains above its closely watched 50-week moving average (MA), indicating underlying buying pressure. also, Relative Strength Index (RSI) The indicator hit its highest reading since January, confirming improving price momentum.

Let’s identify three important areas of overhead to watch on Boeing’s chart, as well as one critical area support level Monitor the stock price for a pullback.

Important cost areas to focus on

farther benefit Shares could climb to around $192. Available in this area resist Near the downward sloping 200-week moving average and connect a series of comparable trend lines price action On the chart from June 2020 to July this year.

A close above this level could push the price towards the $243 area, which investors can decide on the chart Take profits nearly protruding volatility high Established in December 2020 and July 2023.

Buying above this level opens the door to a retest of higher overhead resistance around $270, where the stock could encounter near-significant selling pressure. peak March 2021 and December last year. Interestingly, this area also roughly coincides with the bar pattern projection target for extracting stocks. uptrend from October 2022 to July last year and repositioning from the lows in November this year.

Critical support levels to monitor

Following the pullback, investors should keep a close eye on the $140 level. Buy-and-hold investors may look for entry point Surrounding this area is close to the lower trendline of the descending wedge pattern, which is also closely aligned with a similar range of price points dating back to October 2020.

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As of the date of this writing, the author did not own any of the securities mentioned.