What about the 50 crossing below the 200? I've been bullish since March but my patience and the market are wearing thin. Thoughts?
Urmomma
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@nyc_chris thanks Chris for your comment. As you know typically 50/200SMA across is very bearish in a down trend. I cannot ignore this. If it goes under trendline and breaks down from cup and handle (and successfully rejects it again for confirmation) then this trendline and C&H have failed to produce their reaction which would be *extra* bearish. It would be extra bearish because it had the setup and opportunity but failed to breakout.
Urmomma
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@nyc_chris however BA has seen returns greater than even Disney since covid lows. BA has shown us that it has some steam. I would be careful about cutting losses too with a stock that has shown strength since covid lows. Sure Tesla has much more but 244% since lows is no joke
nyc_chris
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Thanks. Best to us all :)
Urmomma
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@nyc_chris np if BA went down I have 212 (trendline) 210 big past support, 205 big past support, 200 support. Under 200 I see 180, 160, 140 as final support…however I am BULLISH but just to give you the bearish outlook if I had to give one. Not financial advice
ktaba
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@nyc_chris I am super long on BA, it’s going to make a monster move after delta variant subsides toward the end of September. The delta variant has shown a 45-50 day peak to trough. BA made a huge 25% move in a week in early March and I am betting it’s going to do it again. It just settled with Ethiopian Airlines with the Max crash and it is expected to fly the Max by January. Singapore just approved the Max as well. Lastly, even though Ryanair talks failed on price agreement for additional orders, I am confident they will work something out, as this is a duopoly with only Airbus. Not to mention the China approval and orders of the MAX coming, as well as Thanksgiving and Christmas travel uptick. Stay long!