Things have not been easy for Boeing (NYSE: BA) over the last year. The company has drawn massive controversy, plenty of negative attention, and most of all, loads of criticism – all of which was deserved after their gross negligence potentially led to two fatal crashes.
Month after month, it seems a new scandal arises, only to be “squashed” by company leadership in tone-deaf press conferences that skirt the issues.
You’d think that with all the excess baggage, investors would’ve dumped their BA shares as a precautionary measure.
Instead, bulls are holding firm, and BA is amazingly up on the year over 11%. Even though the company has significant demons to face before regaining the public’s trust.
And while they work on their image, a new opportunity to go long has emerged for what may be the most resilient stock I’ve seen in years – seemingly “headline proof” as evidenced by its refusal to drop below the January lows.
In the daily candlestick chart above, you can see that BA has fought tooth-and-nail over the last few weeks to establish an uptrend. Finally, as of a few days ago, a concrete higher low was set.
Even better, yesterday’s candlestick closed above the last 6 bars, suggesting that the next leg of the uptrend could be imminent. Stochastics are low as well, showing us that an entry here (at around $360.00, just above the 7-bar high) wouldn’t be out of the question.
This may not be a stock destined for greatness this year, nor is it one that inspires confidence heading into a future round of FAA investigations. However, for the short-term, we’ve got a clear uptrend staring us in the face.
BA hasn’t repaired its reputation quite yet, but if bulls continue to see the current share prices as a bargain, there’s no reason to believe why the stock can’t keep rising for at least a few more sessions.
Especially with the signals the chart is giving us as of today.
