$BA has failed to join the rally that the rest of the industrial sector & broader markets have enjoyed & the fundamentals have a lot to do with this.
Descending purple triangle with 153.31 acting as final support providing a nice R/R setup for a short. 50DMA also acting as overhead resistance as well. Going to wait for a bounce off of this level, and then the plan will be as follows:
1st Entry: Hit dotted resistance, 33% of max position size
2nd Entry: Hit 50 DMA, 33% of max position size
3rd & final entry: Hit solid purple resistance, remaining 33% of position size
Estimated cost basis: 165
Targets:
Stop above 170.57 ~ 171 ~ 3% Loss
Look to take partial profits above 140 ~ 143
If daily downtrend is confirmed will set trailing stop just above daily lower highs
Descending purple triangle with 153.31 acting as final support providing a nice R/R setup for a short. 50DMA also acting as overhead resistance as well. Going to wait for a bounce off of this level, and then the plan will be as follows:
1st Entry: Hit dotted resistance, 33% of max position size
2nd Entry: Hit 50 DMA, 33% of max position size
3rd & final entry: Hit solid purple resistance, remaining 33% of position size
Estimated cost basis: 165
Targets:
Stop above 170.57 ~ 171 ~ 3% Loss
Look to take partial profits above 140 ~ 143
If daily downtrend is confirmed will set trailing stop just above daily lower highs
Comentário:
We got the breakdown I was looking for but not according to plan. Appears to have real strength of the lows so won't be looking to short this, pattern still valid however.