Boeing (BA) Shares Hover Near Two-Year Low
Despite the S&P 500 index (US SPX 500 mini on FXOpen) rising roughly 20% since the start of 2024, Boeing (BA) shares are currently around the psychological level of $150 a low last seen in autumn 2022.
Several factors have driven bearish sentiment for Boeing in 2024:
Reputational setbacks due to technical issues, including helium leaks and engine malfunctions on the Starliner spacecraft intended for astronaut transport to the ISS.
Boeing has struggled to meet its aircraft delivery targets, and it reported significant financial losses in Q2 2024, with earnings per share nearly halving forecasted estimates, further impacting investor confidence.
Fines from the U.S. Department of Justice, worker strikes, and other operational challenges have compounded issues.
Technical analysis of Boeings (BA) chart reveals:
In 2024, the share price has formed a downward channel (marked in red), with the Resistance 2 trendline suggesting that bearish sentiment could intensify.
The price hovers near the channels lower boundary, potentially supported by the $150 level.
This positioning might prompt bulls to attempt a breakout above Resistance 2, possibly replicating the pattern seen after the Resistance 1 break in May 2024.
Otherwise, a drop below $150 would indicate intensified bearish pressure and underline Boeing's fundamental challenges.
Whats Next?
Analysts remain optimistic about Boeings (BA) prospects. According to TipRanks, the average forecast for Boeings share price is over $200 within the next 12 months.
Read more: https://fxopen.com/blog/en/oa-boeing-ba-shares-hover-near-two-year-low/
Text source: Forex Trading Blog
