Boeing is up for the 9th straight day, and higher on 12 of the last 13 sessions. But even those stats don’t do the move justice, as the average up move during that period has been higher than 1% per day!
This is a chart of a stock gone parabolic:
A big reason for such an impulsive move in the past week is that BA finally broke cleanly above its 2007 high:
The breakout last week led to continuation this week, but it’s the steepness of the ascent this week that is the real surprise. BA’s RSI reading is actually hitting its highest level today since July 2007.
BA has traded like teflon this year, but the current move looks to be too emotional to be sustainable. A move back to the breakout area near $110 would provide a much better long entry. At the least, I expect BA to consolidate in the 115-120 area before any further advance higher.