Watch These Boeing Price Levels After Stock Jumps to Highest Level in 15 Months

Boeing (BA) shares closed at their highest level from February last year, which will resume the aircraft in China next month.

CEO Kelly Ortberg said that the country’s airlines had indicated that they would start taking the first delivery in June, earlier this month that the development after China allegedly left its airlines from taking delivery of Boeing aircraft. Ortberg achieved an additional boost after a plan to increase its top sales 737 Max jets production when Boeing increased to about 42 per month by the end of the year and 47 per month 42 per month.

Boeing’s shares have rebound their initial-April at least 62% and traded 18% more since the beginning of the year through Thursday’s shutdown, raised with increasing optimism that the jet manufacturer can become a beneficiary of a wider American-China business deal. The stock was the top beneficiary in Dow Jones Industrial Average on Thursday, which increased by more than 3% to about $ 208.

Below, we take a close look at the chart of Boeing and apply technical analysis to identify the value levels worth looking out.

Flag pattern breakout

Boeing shares broke over the neckline of a double bottom before integrating into a flag earlier this month, a chart pattern that indicates the continuity of the strong uptrend of the stock that has been in the game since early April.

Indeed, the stocks broke from the flag in Thursday’s trading session, setting the stage for another step. However, it is worth indicating that, while the relative power index confirms rapidly the speed of the price, the indicator also warns overbott position with a reading above the 70 range.

Let’s identify major support and resistance levels on the chart of Boeing.

Major support levels for viewing

The first lower level of view sits around $ 199. The region will probably provide concrete support near a horizontal line that combines the lower of the flag pattern with multiple peaks and troughs on the chart that extends back to the fourth quarter of 2023.

A close shares below this major level can land up to $ 187. Investors can look for entry points at this location near the neckline of double bottom pattern, an area on the chart that can flip from prior resistance to the future support.

Resistance level for surveillance

The continuation of the recent bullish speed of the stock may trigger a step towards $ 234, where the stocks can face overhead sales pressure near a limit of the same price action after the stock gap in January last year.

Finally, purchasing above this level may close Boeing shares into $ 265 area. Investors who buy at low prices may decide to lock profits in the area near a range of trading activity located around the swing high of December 2023.

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As this article was written, the author has none of the above securities.