BA has had an absolute incredible run and as its share price has risen, it's increased its weighting in the Dow Jones Industrial Average, peaking near 11.5% of the Dow. But BA is looking to take a breather over the coming months, as it forms a consolidation pattern to ultimately push higher.I'm expecting the gap at $385 area to act as temporary support, wherein BA will consolidate above the Gap and then ultimately around the June/July time frame fill its gap, with further consolidation, forming a base to push higher toward the end of this year or early next year.
Boeing longs should protect profits here, potential shorts at these elevated levels should exercise caution as the move has already begun, and try to time entries on pullbacks with advantageous prices.
Trade closed: target reached
I've exited my BA short as we've now reached the gap support. Will wait for a reaction wave before entering for the gap break.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.