Boeing Struggles to Regain Footing Amid Weak Market
Boeing (BA) is struggling to regain its footing after recently flirting with a break of the $200 level. The stock's performance has been bearish, with indicators like the MACD and stochastics oversold but not yet indicating a buy opportunity.
The last four sessions have seen distribution - higher volume to the downside - which is typically considered a sign of selling pressure. However, large volume prints can sometimes indicate that the sellers are exhausted and it's time for 'strong hands' to take over.
Money flow remains bearish, and on-balance volume (OBV) is weak. Many defense-related companies have been hit hard this fall, but any good news could spark a modest rally. The company's earnings in October may provide a catalyst for improvement.