It’s clear that no matter how damaging the news, Boeing’s institutional sponsors will continue to do whatever it takes to levitate the stock. Remarkably, BA has rallied 10% into an onslaught of headlines concerning the aircraft manufacturer’s apparent negligence in two 737 collisions that killed 346 people. Will China or some other countries cancel their orders for the 737 Max as a result? Will lawsuits ultimately cost the company many billions of dollars? If so, investors have been acting like they don’t care. But let’s see if they can get past the 402.67 resistance shown in the chart. It poses a formidable obstacle to the manipulation of the stock, even by the biggest players. If they are able exceed this ‘Hidden Pivot’, closing for two consecutive days above it, we would have to concede that BA’s cool handlers are capable of challenging the all-time high at 446.01 recorded on March 1.
