Boeing Shares Attractive with Strong Volume
Shares of The Boeing Company (NYSE:BA) did an interesting thing to day, the inched up a little but on some very heavy volume. I mean we are talking 2X average daily volume, which for a heavily traded stock, that is some serious news. The stock gapped open at $63.26 and then trading quickly sent the stock plunging to $62.00. It remained there briefly and then recovered back to closer to opening gap up price around mid-day.
The stock price movement is likely related to the company lifting its production of the 737, according Reuters. Over the past 12 months Boeing Co (BA) shares have traded between a 52-week low of $47.18 and its 52-week high of $76.00. Boeing Co shares are now trading with a P/E Ratio of 47.7 and EPS of 1.28. BA shares closed the day at $62.95, up 0.59% or $0.37 and volume finished at 10.66M shares traded, which as previously mentioned, is 2X average daily volume of 5.05M.
Reviewing the chart for Boeing, we see that it has been treading water between about $60 and $70. It seems to have formed a strong short-term support at $60 which has been tested 3 times since it first formed back in May of 2010. It is usually a strong sign that the stock support will hold if it has been tested 3 times without breaking through the support level, so we would expect the $60 price to hold up for Boeing and the current trading price of $62.95 is attractive.
Good luck to investors!