Alerting Members To Boeing's Bullish Setup
by Mike Paulenoff
January 7, 2023 • 8:31 PM EST
On November 7, exactly eight weeks ago, Mike Paulenoff posted the following heads-up to MPTrader members concerning a potentially opportunistic technical setup in BA (Boeing).
Mike wrote: "The current vertical upmove is smacking into a major intermediate-term down trendline in the vicinity of 170-171 (see my attached Daily Chart) that likely will put a lid on it and argues for a pullback to 150 again, but if not, upside continuation points to 210-215 next as BA continues to have the right look of the completion of a massive post-Pandemic bottom formation. The Intermediate term setup is for investors able to ride around some sloppy action in BA if it is unable to climb above the dominant down trendline, to expect a pullback into the 150 support zone prior to another attempt to take out multi-year resistance... Last is 165.16."
As it turned out, within 4 trading days of Mike's commentary, BA thrust above its powerful 3+ year down trendline and key resistance zone (168-171), prompting this follow-up by Mike on Nov 13:
"BA (Boeing) has received the largest-ever order for planes from a US carrier (UAL)... which is just the type of fundamental news that puts "meat on the bone" of a potentially very powerful 21-month base accumulation pattern shown on my attached Daily Chart. As long as any forthcoming weakness in BA is contained above 172.20, the technical setup argues for upside continuation toward my next upside target zone of 215-220, in route to a challenge of major consequential resistance lodged from 255 to 280... last is 186.27."
BA went on to retest the upside breakout area (168-171) on November 17 prior to launching into a new powerful and persistent up-leg that has propelled BA to 213 as of Friday's (Jan 6) close.
From Mike's initial heads-up on November 7 at 165.16 to Friday's high at 213.03, BA climbed 29%.
What's next for BA? Join Mike and our MPTrader community for their opportunistic intraday technical and fundamental discussions of BA as well as many other individual stock names, ETFs, macro indices, precious metals, foreign exchange, Bitcoin, and their always lively debate about market reaction to economic data and Fed Reserve policy prescriptions.
View daily chart of BA here.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
On February 26, 2025, just 30 minutes before NVDA (Nvidia Corp) was scheduled to release its highly anticipated and potentially consequential Quarterly Earnings Report, I reiterated my most recent analysis uploaded before the opening bell. This is what I posted to the MPTrader Discussion Room:Technically, my Big Picture setup work on NVDA argues that the 2/03/25 low represented the END of a major correction that originated at NVDA's "orthodox" price high of 152.89 on 11/21/24-- the session following the company's November 20, 2024 Earnings report.
Before the market opening on February 4, 2025, hours after Palantir Technologies (PLTR) reported stellar Earnings, this is what I discussed with MPTrader members:In reaction to Earnings, PLTR has sustained strength above my "outlier" target zone of 96 to 100, which requires new upside pattern parameters. My optimal price path from atop the post-Earnings, 25% upmove points to an immediate objective of 105-08, followed by a contained pullback into the 95 area, ahead of a thrust toward 115-118 thereafter... Last is 103.50...
On January 6, 2025, this is what I discussed with MPTrader members about the Chinese equity names--Alibaba (BABA) in particular:BABA-- For anyone who wants an outlier contrarian play for the first two-quarters of the Trump Agenda, let's consider BABA. Purely from a technical perspective, I can make a compelling technical argument that the 12/20/24 low at 81.5 ended the larger correction off of the Oct 2024 upleg (from 71.80) high at 121.06. To confirm the low, any weakness must hold support at 81.50-83.
Never a dull moment since January 20, 2025! This weekend, POTUS imposed 25% tariffs on Mexico and Canada, and 10% on China, which go into effect on Tuesday. From an initial market perspective, tariff trade war fears have triggered a risk-off reaction from Bitcoin-- the only highly liquid weekend market that can give us insight into what to expect for Sunday evening and Monday morning trading.
On December 27, 2024, with META trading at 595.26, this is what I posted to the MPTrader Discussion Room in response to a member's question:My pattern work from the October 2023 low at 279.40 to the December 2024 ATH at 638.40 (+128%) tells me that META is at a technical crossroad now... META's most recent upleg from the 11/19/24 low at 547.71 to the 12/11/24 ATH at 638.40 has the "right look" of a completed advance.
