Boeing’s Tough Road Ahead: Downgrades, Declines, and Key Support Levels | September 3, 2024

Boeing’s stock is currently facing a decline in pre-market trading, following a downgrade from a Wells Fargo analyst, who shifted the rating to “sell” from “hold.” The price target was also slashed from $185 to $119 per share, signaling a potential downside of about 30% from current levels.

While Boeing has shown a pattern of higher lows since 2020, the stock has been stuck in a bearish flag formation throughout this time. If the stock price creates a new low on the weekly chart, investors should be cautious, as this could lead to a retest of the 2022 and even 2020 lows.

As the stock approaches the upsloping trendline, this area is expected to serve as significant support. Investors should closely monitor the price action when Boeing dips into this trendline, as it could be a critical point for the stock’s future direction.

With ongoing financial pressures, labor issues, and challenges from the Starliner program, Boeing’s path forward remains uncertain, making it a stock to watch carefully in the coming weeks.