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- 1 Boeing stock price (NYSE: BA) fell 14.44% in September and the sell-off continued.
- 2 BA stock reversed and dropped below the 50-day and 200-day EMA.
- 3 Boeing Company scheduled the quarterly earnings on October 25, 2023.
Boeing stock price (NYSE: BA) reversed down and fell 14.44% in September 2023. It faced rejection from $243.00 and began to decline by forming lower lows.
BA stock price broke down the crucial support of $200.00 which triggered the negative sentiment and invited further decline.
Boeing stock price showed a steep fall and displayed a highly bearish pattern. It eroded the complete gains generated in 2023 and lost a big portion of its market capitalization.
BA stock price is trading below the 50-day and 200-day EMA showcasing a downtrend. The 50-day EMA slopes down and may negatively cross the 200-day EMA.
However, the Boeing stock price corrected a lot after hitting a 52-week high. So, a narrow-range consolidation near $190 is also possible.
Moreover, if any short-term pullback rally comes, the price may test the $200.00 level again. The price pattern of the stock is bearish and the dominance of sellers is visible.
The quarterly earnings are scheduled in the coming week so volatility in the stock may rise. Boeing stock price closed the previous session at $188.49 with an intraday rise of 0.59%.
Will the Downfall in Boeing Stock Price Halt After Earnings?
Boeing stock price (NYSE: BA) is in a downtrend and sellers are building shorts on every rise. However, currently, the price looks oversold so a minor pullback rally toward the 50-day EMA is possible.
Boeing Company is expected to release its quarterly earnings on October 25, 2023. Analysts estimated an EPS of -3.191 and a revenue of $18.507 Billion.
If the company succeeds in meeting the EPS and revenue estimates, then the downfall in the BA stock might take a halt. However, if the company failed to beat the estimates, then the stock might decline to $170.00.
BA Stock Price Near Demand Zone
BA stock is taking support near $180.00 and buyers are trying their best to defend the support. If they succeed, then the price may spend some time in a consolidation range.
The price analysis suggests the $170.00 to $180.00 range will act as a demand zone. So, the correction may take a halt and an upside reversal is possible.
The MACD curve is reversing upward and is likely to begin the journey to reach the zero line. The RSI at 26 also reversed upward from the oversold territory. Therefore, the possibility of short-term pullback is high.
Conclusion
Boeing stock price (NYSE: BA) corrected approximately 24% after hitting the 52-week high. In the coming week, quarterly earnings are scheduled so the volatility may rise. The next direction of the BA stock depends on how investors react after earnings.
Technical Levels
- Resistance Levels: $209.00 and $230.49
- Support Levels: $180.00 and $170.76
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
