BA again

BA apr 9 2018

Here is Boeing once again. From $99 it moved to $371 in just two years. That is very impressive. For 2017 it was the best performing stock in the , and because of its high cap. value it had a disproportionate impact on the index. Given all of this it does not seem unreasonable to think that the stock might need a correction, one of those “healthy” ones that in the end supposedly  rejuvenate the stock.

What we got so far is three months of ups and downs that barely make a dent in this rise. What is more worrying is that the pattern is not bearish, see below;

ba correction smallba correction large

The second larger wedge is part of an irregular a-b-c. Both corrections are essentially complete so new highs, much to my surprise, might still be possible. I would not trade on it.