Boeing's Stagnant Price Action: A Buying Opportunity?

Boeing's (BA) price action has been stagnant since February, forming a long and drawn-out base. Many investors have become frustrated as they wait for a breakout, but Chris Versace of the Pro Portfolio believes that this level could be an attractive spot to pick up shares.

The current range of $200-$237 has been consistent since March, with Boeing gapping higher at around $205 in early April. However, despite the strong fundamental case for higher prices, buyers have yet to step in and drive the stock up.

The moving average convergence divergence (MACD) is on a sell signal, and money flow has turned down again. With earnings still six weeks away, Boeing may not have any catalysts for a breakout move unless new orders are announced.