Boeing relinquishes gains - Analysis - 16-03-2021

Boeing's stock (BA) hit an intraday high at 278.34 before bouncing lower and turning the gains into a 1.32% loss on profit-taking, while gathering momentum and venting off overbought saturation in the RSI, amid the dominance of the upward correctional trend in the medium and short terms, with positive support from the 50-day SMA.

Therefore we expect the stock to return higher, targeting the first resistance at 296.70, provided the support of 241.90 holds on. 

Expected trend for today: Bullish