Last Friday’s trading session ended the Dow Jones Industrial Average’s losing streak as it closed at 10,193.4 with a 1.2% gain. One of the stocks that pushed the index further to closing with gains was the Boeing Company (BA) which was up by 2.5%.
The BA stocks were able to bounce off its 1-year ascending channel’s support line (indicated by the red arc) and avoid a break down because of its gains. After a bullish candle was formed during the last trading session, the stock price might head all the way up to the next resistance lines (green dotted lines) at 73 and 76 or merely just continue moving inside the ascending channel. If it fails and a breakdown from the channel occurs, the support I’m looking on to is 61 (red dotted line). If it still doesn’t hold the price from falling, the next support after 61 is 57 (yellow dotted line).