The stocks of Boeing Company (BA), a major aerospace and defense corporation, dropped almost 5% during the last trading session because of the weak non-farm payrolls data released in the US.
On my previous post about BA, the stocks have bounced off the ascending channel’s support line and was about to continue its ascend. However, we could see that it had failed to push upward as the selling pressure overrode the buying. Currently, the stocks are headed down as the price just broke below the ascending channel’s support line and could be on its way to the next support at $57.20. However, the stocks could bounce off at $57.20 but could also drop further to the $53.10 support. If it bounces off at $57.20 or goes up again in the next few days, the ascending channel’s support line would act as the resistance for the stocks. If that resistance is cleared out, the stock value could be bound to the $65.41 price mark.
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exactly, even this little push to 50% fib is exactly like the last “ramp of pimp” we had to endure.
Fractals…very cool. This is what a final ramp of pimp looks like.
screencast.com/t/MmJlNDc0OGI
more on my site….fear factor has not bottomed (bottoming mean high fear)
oahutrading.blogspot.com/
I have to agree with you Steveo, nice analysis!