Stock of the day: Boeing
01 August 2024
In today's stock of the day, let's delve into Boeing. Yesterday, Boeing posted earnings before the market opened, revealing an EPS of -2.9 compared to the expected -1.69, and revenue came in lower at $16.9 billion. Despite this negative surprise, Boeing's stock rose by 2% by the end of the day.
Technically, Boeing's price movement presents a critical juncture. The stock was previously trading within a pennant or symmetric triangle pattern, marked by green lines. Yesterday, we saw an initial breakout attempt to the upside, but it retraced and closed precisely on the upper boundary of the triangle.
Today's trading will be pivotal. If Boeing's stock closes significantly higher, it would confirm the breakout from the triangle, signaling a strong buy. Conversely, if the price retreats back into the triangle, it would indicate a failed breakout and could be a sell signal. Let's watch closely to see which direction Boeing will take.