I love this stock, but the jig is up!
BA has been my saving grace this week. It has traded hard sideways with huge moves in both directions.
It has been great to scalp both the long and short side!
And after taking a hard loss today on Elon's trash stock, it was able to dig me out of that hole.
But unfortunately, I think the jig is up. Its flashing bearish signs everywhere. On the daily chart we have a double top formed over this week of sideways movement, which is the right wing or arm of that V shape pattern (I call it the wacky waving inflatable arm flailing tube man pattern). Both of these are hard bearish signs.
As well, if we look at the 1 hour chart, we see another prominent double top that formed over the duration of this week.
I had posted previously that this was going to sell off, and in that post I had indicated that for it to not meet the hard sell off fate it would need to break and hold 231. Unfortunately, we have not come close to this.
And in fact, more or less my second scenario came to fruition. Which is that if it maintained its current levels, would that change the direction of the stock? The answer is no. It won't. So BA's outlook is still negative. But to be honest, the whole market outlook is super negative.
Monday is going to be a very interesting and pivotal day for the market as a whole. We had hard selling these past 2 days, with some minor recovery towards the end of the day followed by more aggressive selling to finish off the day with.
I think next week the market is looking to retest its lows and BA is going to be following along. Expect huge volatility and dramatic moves in general, not just from BA.
Because of this impending market doom, its really hard to determine. These past 2 days, the market moves have deviated from my math calculations more frequently to the negative side (except BA! This is why I love BA so much). We have been surpassing my low targets hugely and failing to come close to my high targets. It makes me think that market is getting ready for some selling and is showing momentum and conviction towards retesting its lows.
But for fun, let's talk about what I will be looking for in BA on Monday.
Levels:
I am hoping for the market to maintain stability for its open on Monday. If it can, we can expect an open for BA around 209.
If Monday is to be a consolidation day or stabilizing day, we can look for BA to retest around 214 ish.
We can look for lower lows, around 206. If BA opens at 209.50, we can reasonably anticipate a low of around 206.09. Likely to surpass this if the market continues the way it has been trading these past 2 days.
What I am interested in seeing is if BA breaks out of this channel to the downside. For those of you who are long and bullish on BA, this is what I would be watching for. If BA breaks below that channel support (in blue), it will likely come tumbling down. If BA can somehow collect the conviction and support it needs to bounce, we may just have a continuation of this descending channel for a big longer.
Unfortunately, there is a lot working against BA right now. With the market being so heavy and bearish in general, I think the outlook for most stocks are not all that positive, regardless of fundamental.
If you are bearish, then you want to see a break of that support. This would be a great entry for a longer hold of a short position.
On a random side note, you know what stock has actually been quite resilient in this market? The answer my SHOCK you. CSCO!
Have a great weekend everyone! I am entering this weekend with a small red thanks to attempting to long TSLA, so its already ruined for me (thankfully BA took thousands of dollars of red and turned it into like a 100 of red :), thanks BA!💋)
As always, trade safe, stay safe and let me know if you have any questions!
It has been great to scalp both the long and short side!
And after taking a hard loss today on Elon's trash stock, it was able to dig me out of that hole.
But unfortunately, I think the jig is up. Its flashing bearish signs everywhere. On the daily chart we have a double top formed over this week of sideways movement, which is the right wing or arm of that V shape pattern (I call it the wacky waving inflatable arm flailing tube man pattern). Both of these are hard bearish signs.
As well, if we look at the 1 hour chart, we see another prominent double top that formed over the duration of this week.
I had posted previously that this was going to sell off, and in that post I had indicated that for it to not meet the hard sell off fate it would need to break and hold 231. Unfortunately, we have not come close to this.
And in fact, more or less my second scenario came to fruition. Which is that if it maintained its current levels, would that change the direction of the stock? The answer is no. It won't. So BA's outlook is still negative. But to be honest, the whole market outlook is super negative.
Monday is going to be a very interesting and pivotal day for the market as a whole. We had hard selling these past 2 days, with some minor recovery towards the end of the day followed by more aggressive selling to finish off the day with.
I think next week the market is looking to retest its lows and BA is going to be following along. Expect huge volatility and dramatic moves in general, not just from BA.
Because of this impending market doom, its really hard to determine. These past 2 days, the market moves have deviated from my math calculations more frequently to the negative side (except BA! This is why I love BA so much). We have been surpassing my low targets hugely and failing to come close to my high targets. It makes me think that market is getting ready for some selling and is showing momentum and conviction towards retesting its lows.
But for fun, let's talk about what I will be looking for in BA on Monday.
Levels:
I am hoping for the market to maintain stability for its open on Monday. If it can, we can expect an open for BA around 209.
If Monday is to be a consolidation day or stabilizing day, we can look for BA to retest around 214 ish.
We can look for lower lows, around 206. If BA opens at 209.50, we can reasonably anticipate a low of around 206.09. Likely to surpass this if the market continues the way it has been trading these past 2 days.
What I am interested in seeing is if BA breaks out of this channel to the downside. For those of you who are long and bullish on BA, this is what I would be watching for. If BA breaks below that channel support (in blue), it will likely come tumbling down. If BA can somehow collect the conviction and support it needs to bounce, we may just have a continuation of this descending channel for a big longer.
Unfortunately, there is a lot working against BA right now. With the market being so heavy and bearish in general, I think the outlook for most stocks are not all that positive, regardless of fundamental.
If you are bearish, then you want to see a break of that support. This would be a great entry for a longer hold of a short position.
On a random side note, you know what stock has actually been quite resilient in this market? The answer my SHOCK you. CSCO!
Have a great weekend everyone! I am entering this weekend with a small red thanks to attempting to long TSLA, so its already ruined for me (thankfully BA took thousands of dollars of red and turned it into like a 100 of red :), thanks BA!💋)
As always, trade safe, stay safe and let me know if you have any questions!
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