Shares of Boeing (BA) have been a drag on the Dow Jones Industrial Average (DJIA) and in many portfolios. The shares have been in a tailspin since early 2021 as various problems have plagued the aerospace firm.
Let's check out the charts and indicators.
In the daily bar chart of BA, below, we can see a choppy but orderly decline the past 12 months. Every short-term bounce failed at a lower and lower high. The underside of the declining 200-day moving average line worked excellently as a place to sell from October to February. Who says technical analysis doesn't work?
The daily On-Balance-Volume (OBV) line has been in a decline the past year and tells us that sellers of BA have been more aggressive than buyers. The 12-day price momentum study offers a glimmer of hope as the indicator has made equal lows in March and May while prices made lower lows. This is a bullish divergence and could foreshadow a bounce.