Watch These Boeing Price Levels as Stock Hits Turbulence After Lower Plane Deliveries | Global News Avenue

Boeing (Bachelor)’s stock was one of the few stocks falling in the Dow Jones Industrial Average on Wednesday, a day after the aircraft maker Aircraft deliveries decline in 2024.

Although the company’s December deliveries increased from November, they fell to 348 last year from 528 the year before, marking Boeing’s lowest number of aircraft deliveries since the Covid-19 pandemic.

The plane maker has faced significant headwinds over the past 12 months due to quality issues, increased regulatory scrutiny and a seven-week machinists’ strike that slowed the company’s assembly lines.

Boeing shares fell 0.5% to $166.20 on Wednesday and were one of seven Dow Jones components to decline. Boeing shares have fallen by about a third over the last year, but are up 21% since hitting a 52-week low in mid-November. The stock has fallen 6% so far this year.

Next, let’s break it down technical on Boeing’s chart and pinpoints key price levels that investors may be watching.

Inverse head and shoulders pattern appears

Boeing stock has tapped into potential Head and Shoulders Reversal Between August and January, this is a classic chart pattern that signals rising prices.

Although the stock has retreated to closely watched 200-day moving average In recent weeks, declines have occurred in below-average areas volumepointing to a healthy pull back Rather than investors opening new short position.

Let’s apply technical analysis to predict bullish cautious moves price target and points out nearby key support and resistance level.

Measuring Moving Price Targets to Watch

Investors can predict potential bullish price targets by using the Measured Move technique, also known by chart watchers as Measurement principle.

For analysis, we measured the distance between the inverted shoulder and its anti-shoulder. necklinethen add that amount to the top of the pattern. For example, we add $43 to $180, giving a forecast target of $223.

Critical level of support for eyes

farther profit taking Shares could drop to around $164. This area could provide support near the January lows, which is also consistent with trough It formed on the charts last April and August.

deeper correct Support for Boeing shares is at $146, which is slightly above the stock’s 2024 lows on the chart and could attract buying interest near the early October lows.

Important resistance levels to monitor

A resumption of the stock’s post-election rally could initially push it to around $180. The stock may encounter selling pressure near the trendline in this area, which connects multiple peaks and troughs on the chart dating back to October 2023 swing low.

Finally, if bought above this level, the stock could climb to $191. Investors who purchased the stock at a lower price may consider Lock in profits around this area horizontal line This combines with a series of similar price points on the chart between November 2023 and last August.

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