Look Out Below: Shares of Boeing Have 20% Downside
The headline risk in Boeing is high, as is the uncertainty in Boeing. And while contrarians would point to the low $320's as support that has held time and time again for Boeing, I think that is actually a liability for the stock. The more times a stock tests support, or resistance for that matter, the more likely the stock breaks that level. Boeing put in a blow off top in early 2019, and hasn't looked back since. If the stock decisively breaks below its recent trading range of $320s to $380s, expect a 20% sell off to its next support range: $240 - $260.