Boeing pierces current resistance - Analysis - 02-08-2022

Boeing's stock (BA) surged after the giant defense and aeroplane company said it can now resume selling of its 787 planes after official US approval, and under supervision of each single plane before delivery. 

The Wall Street Journal also mentioned that Boeing's factories will vote soon on labor contracts, which might delay the strike expected this week.

The upward correctional short-term trend dominates, while the stock is buoyed by piercing the downward trend line recently, while trading above the 50-day SMA, with positive signals from the RSI, piercing the resistance of 161.25, marking a profit of 6.13%, or 9.76 points, and settling at 169.07, with trading volumes surpassing 18.3 million shares, above 10-day averages of 10 million shares.

Therefore we expect more gains for the stock, targeting the first resistance at 188.00, provided it holds above 161.25.

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Expected trend for today: Bullish