Boeing can be expected to rise further toward the next round resistance level 200.00 (target for the completion of the active short-term impulse wave i.).
– Boeing reversed from key support level 177.30
– Likely to rise to resistance level 200.00
Boeing recently reversed up from the pivotal support level 177.30, which stopped the previous downtrend in last November, as can be seen from the daily Boeing chart below. The support area neat the support 177.30 was strengthened by the lower daily Bollinger Band – which led to the formation of the two consecutive Japanese candlesticks reversal patterns Doji. The upward reversal from the support level 177.30 started the active short-term impulse wave i.
Given the strength of the support level 177.30 and the growing bullish sentiment surrounding Boeing shares, Boeing can be expected to rise further toward the next round resistance level 200.00 (target for the completion of the active short-term impulse wave i.).
