The last time Boeing did this, it surged 50% $BA (via TradingNation)
" on Tuesday. "If we look at each of the declines over the last four years, they're roughly 25-30%. We're right at a 25% decline right now, holding onto that 200-period moving average."
The stock tanked 25% in one of the more recent drawdowns from an October peak to a December bottom. From that trough to its March peak, the stock surged more than 50%."We really need to hold $310 in that area. If we can, it's been a symmetrical pullback and we could recover. Below that, and it is an issue," said Gordon.
Steve Chiavarone, portfolio manager at Federated Investors, says the fundamentals picture also supports a comeback in Boeing. "It is being resilient. It's holding in at this $350 level right now," said Chiavarone during the same segment. "Our view is you certainly need to get passed this MAX issue, but once you do, demand looks relatively good. You think you can get a return to profitability, cash flow starts to improve — it's not overly expensive at this point from a value perspective. It may be worth jumping in.
Boeing trades at 19 times forward earnings, tumbling from its peak at a 22 times multiple earlier this year. The S&P 500 trades with a 17 times price-to-earnings ratio.
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