Matt Simpson, CFTe, MSTA
CityIndex
Despite trading over 11% higher year to date, Boeing has depreciated nearly 14% these past three months, so it shouldn’t come as much of a surprise it has significantly underperformed the S&P500 and industrials sector. And the bearish trend structure suggests there could be further downside to come.
Bearish momentum since the March high has been predominantly bearish and two lower highs were seen ahead of its break below 361. Now its retraced towards this key level, if the 361 area holds, we’re waiting for bearish momentum to return to signal it could be headed lower. Matt Simpson takes a technical look.
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