Boeing (BA) shares closed at their highest level since February last year on news that the company will resume delivering 𓆏planes to China next month.

CEO Kelly Ortberg said that the country’s airlines had indicated they would begin taking first deliveries in June, with the development coming after China earlier this month reportedly reversed a ruling barring its airlines from taking deli🐬veries of Boeing planes. Sentiment likely received an added boost after Ortberg said Boeing plans to incre�🍬�ase production of its top selling 737 Max jets to 42 per month in the near-term and 47 per month by the end of the year.

Boeing shares have rebounded 62% from their early-April low and trade 18% higher since the start of the year through Thursday’s close, lifted by growing optimism that the jet maker could beco💖me a beneficiary of a broader U.S-China trade deal. The stock was the top gainer in the Dow Jones Industrial Average on🅺 Thursday, rising more than 3🐟% to around $208.

Below, we take a closer look at Boeing’s chart and apply 澳洲幸运5开奖号码历史查询:technical analysis to identify price levels worth watching o♑ut for.

Flag Pattern Breakout

Boeing shares broke out above the neckline of a 澳洲幸运5开奖号码历史查询:double bottom earlier this month before consolidating in a flag, a chart pattern that signals a continuation of the stock’s strong uptrend that has been in play since early April.

Indeed, the shares broke out from the flag in Thursday's trading session, setting the stage for another move higher. However, it’s worth pointing out that, while the 澳洲幸运5开奖号码历史查询:relative strength index confirms bullish price momentum, the indicator also cautions 澳洲幸运5开奖号码历史查询:overbought condition with a reading ab༺ove the 70 threshold.

Let’s identify key 澳洲幸运5开奖号码历史查询:support and resistance levels on Boeing's chart.

Key Support Levels to Watch

The first lower level to watch sits around $199. This area would likely provide solid support near a 澳洲幸运5开奖号码历史查询:horizontal line that connects the low of the flag pattern with multiple 澳洲幸运5开奖号码历史查询:peaks and troughs on the chart extending back to the fourth quarter of 2𝔍023.

A close below this key level could see the shares descend to $187. Investors may look for 澳洲幸运5开奖号码历史查询:entry points in this location near the double bottomꩲ pattern’s neckline, an area on the chart that may flip from prior resistance into fuꦦture support.

Resistance Levels to Monitor

A continuation of the stock’s recent bullish momentum could trigger a move toward $234, where the shares may encounter overhead selling pressure near a range of corresponding 澳洲幸运5开奖号码历史查询:price action that followed a 澳洲幸运5开奖号码历史查询:stock gap in January last year.

Finally, buying above this level could see Boeing shares take off to the $265 region. Investors who bought at lower prices may decide to 澳洲幸运5开奖号码历史查询:lock in profits in this area near a series of trading activity situated around the December 2023 澳洲幸运5开奖号码历史查询:swing high.

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