Watch These Boeing Price Levels as Stock Slips After South Korean Crash

Boeing's (BA) stock took a hit on Monday, December 31, 2024, following the deadly crash of a Jeju Air-operated Boeing 737-800 at South Korea's Muan International Airport. The crash, which killed 179 people, has raised significant concerns about aviation safety and led to a decline in Boeing's stock price. As investors watch the situation unfold, it's crucial to keep an eye on specific price levels that could indicate the stock's next move.



Important Overhead Areas to Watch

1. $192: This area may provide resistance near the downward sloping 200-week moving average (MA) and a trendline that connects a range of comparable price action on the chart from June 2020 to July this year. A close above this location may propel a move to the next resistance level.
2. $243: This region on the chart where investors could decide to take profits near prominent swing highs that formed in December 2020 and July 2023. Buying above this level opens the door for a retest of higher overhead resistance around $270.
3. $270: This area where the shares may encounter selling pressure near prominent peaks in March 2021 and December last year. Interestingly, this region also roughly aligns with a bars pattern projected target that extracts the stock's uptrend from October 2022 to July last year and repositions it from this year's November low.

Crucial Support Level to Monitor

Upon a retracement, investors should keep a close eye on the $140 level. Buy-and-hold investors may look for entry points around this area near the falling wedge pattern's lower trendline, which also closely aligns with a range of similar price points extending back to October 2020.



As Boeing's stock continues to react to the recent crash and regulatory responses, investors should pay close attention to these key price levels. The stock's movement around these levels could provide valuable insights into the company's future prospects and help investors make informed decisions about their investments.

In conclusion, Boeing's stock has experienced a turbulent year, weighed down by a series of aircraft quality issues and a prolonged strike by its union machinists. The recent crash and subsequent inspection ordered by South Korea have further eroded investor confidence, leading to a decline in the stock's price. As the situation unfolds, investors should keep a close eye on the key price levels outlined above to better understand the stock's potential next move.