Boeing Close to Resistance

Published on Monday, 15 March 2010 09:04 Written by Christopher Lynn

New York, March 15th (TradersHuddle.com) - Shares of Boeing Co. (NYSE:BA) are trading very close to calculated resistance at $70.48 with the current price action closing at just $69.83 placing the stock near levels that make it difficult to buy.

The Boeing Company , together with its subsidiaries, engages in the design, development, manufacture, sale, and support of commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services worldwide. The company's family of the commercial jet aircrafts includes the 737, 747, 767, 777, and the new generation 787 Dreamliner. Boeing is based Chicago and founded in 1916.

Boeing's current stock range is defined by current calculated support defined at $57.14 and by the resistance level at $70.48, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for Boeing, as the stock is well above support, however, as the stock pulls back towards $57.14 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $70.48 then traders will get an opportunity to enter Boeing stock by establishing a position as the stock moves to a higher range.