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- 1 BA stock showed a massive surge post Q2 earning results.
- 2 Buyers enjoyed the tide, and a short covering move was noted in the last session.
Boeing Company (BA stock) showed a massive bounce and gained more than 8% post Q2 results. Q2 results were above the analysts’ estimates. Afterward, investors and traders showed interest and accumulated the stock, resulting in a range breakout above the neckline of $230 in yesterday’s session. The revenue increased by 6.23% (QoQ) to $19.75 Billion, whereas 18.40% was on a (YoY) basis. The EPS grew by 9.14%, and the net income showed a loss of 177% on a YoY basis of $149 Million or 25 cents per share.
The chart shows a positive outlook and range breakout above the neckline of $230, which acted as a strong hurdle for the past few days. However, follow-on buying is essential to extend the buyers’ traction toward $250. On the other hand, if buyers cannot hold the region, then selling would arise to fill the remaining gap in the upcoming session.
Boeing Company is an aerospace company that manufactures commercial jetliners and defense, space, and security systems. It operates through the following segments: Commercial Airplanes (BCA), Defense, Space and Security (BDS), Global Services (BGS), and Boeing Capital (BCC).
The Commercial Airplanes segment includes the development, production, and market of commercial jet aircraft and provides fleet support services, principally to the commercial airline industry worldwide.
The Defense, Space, and Security segment refers to the research, development, production, and modification of manned and unmanned military aircraft and weapons systems for global strike, including fighter and combat rotorcraft aircraft and missile systems, global mobility, including tanker, rotorcraft, and tilt-rotor aircraft, and airborne surveillance and reconnaissance, including command and control, battle management and airborne anti-submarine aircraft.
BA stock was traded at $232.80 at press time with an intraday gain of 8.72% showing bullishness in the overnight sessions. Moreover, the pre-market opening price noted an increase of 0.95% at $235. Furthermore, the trading volume increased by 56% to 24.924 Million, and the market cap is $140.051 Billion. Analysts maintained a strong buy rating with a target price of $241.
Daily Charts Show Range Breakout
On the daily charts, BA stock noted a massive surge with huge buyer volume, indicating a primary block of buyers entered. In contrast, sellers trapped and left their positions, which led to a decisive move in yesterday’s session.
The RSI curve sharply rose toward the overbought zone and showed a positive crossover on the charts.
The MACD indicator showed a bullish crossover, and green bars on the histogram reflected the bullishness indicating buyers’ strength on the charts.
Conclusion
Boeing Company (BA stock) showed a massive surge post gap-up opening and rallied by more than 8% due to the positive guidance of Q2 earnings results. A range breakout was noted in the last session, indicating a massive surge with a volume spike indicating buyers’ traction on the charts.
Technical Levels:
Support Levels: $220
Resistance Levels:$240 and $250
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
