Boeing’s share price has been tumbling lower alongside other aviation stocks in recent days, with the airline builder losing over 60 per cent of its share value since February.
Boeing stock technical analysis shows that a bearish breakout below the $100.00 level could become a reality as downside selling pressure accelerates.
Boeing medium-term price trend
Boeing’s share price has been slumping heavily over recent days as the aviation industry goes into crisis mode as a number of countries shut down borders to try to stop the spread of the coronavirus.
Since breaking under the December 2019 trading low, Boeing share price has fallen by over 50 per cent, as bears triggered a head and shoulders pattern into action.
Boeing stock technical analysis shows that the US aviation giant’s share price could fall well-below the $100.00 level as bears target the 2009 yearly low.
Looking at the daily time frame the February 2016 low, around the $98.00 level, is the next major support area to watch. A break below this area exposes a test towards the $75.00 level.
It is noteworthy that weakness below the $75.00 level could provoke a test of the 2009 low, just below the $30.00 level. This scenario is certainly possible if selling pressures remain in place across equity markets.
Boeing short-term price trend
Boeing stock price analysis over the short term shows that sellers are in control while price trades above the $230.00 resistance level.
A bearish head-and-shoulders pattern has been triggered across the lower time frames and has now reached its full downside projection.
Looking more closely at the lower time frames, a large price gap has formed on the lower time frames, around the $240.00 level, however, a retrace back towards this level seems unlikely at this stage.
The $160.00 lower level is currently seen as key resistance and a potential area where sellers may look to enter into the bearish trend if a retracement occurs.
Boeing technical summary
Boeing stock technical analysis indicates more short-term and medium-term losses for the US airline maker. Losses below the $100.00 level may trigger technical selling, with bears targeting the $75.00 level.