Shares of Boeing Co (NYSE:BA) have a fantastic bear flag on the daily chart. This alerts investors to massive distribution (institutional selling) into dumb funds/average investor buying. That is why the angle of the bounce over the last week is so flat. Essentially, all the buying is being met with smart, big money selling. Whatever explanation you wish, the point is Boeing Co is going lower and fast. While there will be some bounces along the way, the ultimate downside target is $160.00. This means there is still over $17 in downside to come.
I am short and loving the bearish chart pattern setup. I will cover at $160.00. Note the chart below…