The Boeing Company (NYSE:BA) Argus’ John Eade maintained a Buy rating
Shares of Boeing Co (NYSE: BA) have appreciated a whopping 27 percent over the past quarter, versus a 3-percent increase in the S&P 500.
Since the turn of 2019, the industrial sector has been boosted by constructive trade talks between the U.S. and China, according to Argus.
Argus’ John Eade maintained a Buy rating on Boeing and raised the price target from $420 to $460.
The U.S. and China now seem close to a deal, which could result in the tariffs on China being lifted — provided the country pledges to better protect intellectual property rights and purchase more American goods, Eade said in a Thursday note.
These positive trade talks have lifted the earnings multiples of the industrial sector, the analyst said. Boeing has “superior prospects” given its substantial backlog and solid footing in the growing commercial aerospace industry, he said.
While the company is preparing for stronger and more profitable growth, the plane manufacturer continues to focus on delivering robust shareholder returns with dividend hikes and share repurchases, Eade said.
Any pullback in Boeing’s shares due to news related to Sino-American trade or defense spending and presidential tweets will represent a buying opportunity, in Argus’ view.
Boeing shares were down 0.89 percent at $420.72 at the time of publication Thursday.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 395.25.
The projected upper bound is: 445.54.
The projected lower bound is: 404.30.
The projected closing price is: 424.92.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white candles.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 16.1580. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 3 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 60.15. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 2 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -55. This is not a topping or bottoming area. The last signal was a sell 3 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 3 period(s) ago.
Rex Takasugi – TD Profile
BOEING CO closed down -1.900 at 422.560. Volume was 6% above average (neutral) and Bollinger Bands were 27% narrower than normal.
Open High Low Close Volume___
423.360 424.910 416.440 422.560 1,053,757
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 430.35 379.81 357.87
Volatility: 22 38 36
Volume: 858,759 925,009 865,557
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
BOEING CO is currently 18.1% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of BA.N at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BA.N and have had this outlook for the last 41 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.
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