Boeing formed a very strong buy signal (at least to me). It’s known as capitulation – where all the buyers finally gave up and sold their remaining shares. You can see this by looking at the massive volume spike and hammer like candle that was formed.
I was looking at the price during this time and thought to myself, “If this thing doesn’t crash 10% more from this price within the next 10 minutes, it would be very bullish.”
Boeing proceeds to snap back a large amount of its losses and rallies to the ~115-125 zone off the 102 low. As I’m typing this out, the stock just moved from 119 to 123 in a few minutes. Nice and volatile.
Anyways, below is the 30 minute chart of what is a super obvious buy signal to me.
2 thoughts on “3/17/2020 11am – Boeing update – strong buy signal confirmed. I see capitulation – meaning the bottom is in.”
Are you referring to only BA or we are in capitulation stage for all stocks? Because I don’t see big cap (MSFT, AAPL, GOOG) giving down that much. Don’t you think we can go further down?
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Hello, I’m referring just to Boeing right now, but I think once Boeing bounces back, it will bring the market with it. I’m waiting for the AAII sentiment indicator for this week to show up and have been gobbling up more shares of Boeing. Because of this, I’m saying the market has bottom now too.