Resurgent Boeing shares could rally 4% before hitting a ceiling, chart suggests [via TradingNation]
"You're talking about some of the worst being in the rearview mirror, and this is a resilient stock. … I do think these dips are buying opportunities. I've liked Boeing for a while," Baruch said Friday on CNBC's "Boeing has told suppliers it will resume production of its 737 jets in February, depending upon regulators approving the 737 Max to fly again.
Boeing shares climbed nearly 8% last week, but Baruch says there may be some slight turbulence ahead for the stock into its earnings in late October. "There is a parallel channel that it's ping-ponging back and forth between. It recently jumped from $320. Now the resistance is near the $380 mark. I would expect that we see this continue to ping pong back and forth heading into earnings about two months away from now," Baruch said.
Boeing shares were trading above $365 in Monday's premarket, up 2.5%. They would need to rally 4% before reaching Baruch's resistance target at $380. It last traded above that level in late July."I do think the earnings report is going to be upbeat. Now, you're seeing some of these analysts bring down their consensus, about 7.
"I think that's why the name has held up as well as it has. Despite the 737 issues, there was always the sense if you can get past that, you've got some solid fundamentals — 787 cash flow generation, solid defense business, etc.," said Chiavarone.
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