Boeing (BA) shares will likely remain on investors’ radar screens after slipping more than 2% Monday following news that South Korea ordered an inspection of all 737-800 planes in the aftermath of 澳洲幸运5开奖号码历史查询:a Jeju Air crash over the weekend that killed 179 people.

Boeing shares have had a turbulent 2024, weighed down by a series of aircraft quality issues and a prolonged strike by its union machinists that prompted the company to 澳洲幸运5开奖号码历史查询:raise additional capital in a bid to preserve its investme✨nt-grade credi꧅t rating and stem its cash drain. 

Although the stock has lost one-third of its value this year, it has recovered around 14% over the past month as of Monday’s close, after the company reported earlier in December that it had restarted production of its troubled 737 MAX jets.

Below, we take a closer look at Boeing’s 澳洲幸运5开奖号码历史查询:weekly chart and use 澳洲幸运5开奖号码历史查询:technical analysis to point out important pric𒀰e levels w🐼orth watching out for.

Falling Wedge Breakout

Boeing shares have trended higher after breaking out from a 澳洲幸运5开奖号码历史查询:falling wedge on above-average volume earlier this month, signaling a pote♚ntial bullish rever🥃sal.

Despite today’s news-driven decline, the stock remains above the closely watched 50-week moving average (MA), indicating underlying buying pressure. Moreover, the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) confirms improving pric🅷e momentum, with the indicator flashing its highest readings since January.

Let’s identify three important overhead areas on the Boeing chart to watch, as well as a crucial 澳洲幸运5开奖号码历史查询:support level to monitor if the shares undergo a retracement.

Important Overhead Areas to Watch

Further upside could see the shares climb to around $192. This area may provide 澳洲幸运5开奖号码历史查询:resistance near the downward sloping 200-week MA and a trendline that connects a range of comparable 澳洲幸运5开奖号码历史查询:price action on the chart from June 2020 to July this year.

A close above this location may propel a move to the $243 area, a region on the chart where investors could decide to 澳洲幸运5开奖号码历史查询:take profits near prominent 澳洲幸运5开奖号码历史查询:swing highs that formed in December 2020 and July 2023.

Buying above this level opens the door for a retest of higher overhead resistance around $270, an area where the shares may encounter selling pressure near prominent peaks in March 2021 and December last year. Interestingly, this region also roughly aligns with a bars pattern projected target that extracts the stock’s uptrend from October 2022 to July last year and repo𝓰sitions it from this year’s Nove🌳mber low.

Crucial Support Level to Monitor

Upon a retracement, investors should keep a close eye on the $140 level. Buy-and-hold investors may look for 澳洲幸运5开奖号码历史查询:entry points around this༺ area near the falling wedge pattern’s lower trendline, which also closely aligns with range of similar p⛄rice points extending back to October 2020.

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As of the date this article was written, the author does not own any of the above securities.