The Boeing Company (ticker: THE) is under pressure amid the ongoing strike, consequently affecting production at its commercial hub in Seattle. Following the rejection of a tentative contract offer from the company, Boeing’s largest union voted to walk off the job on Thursday. Workers rejected the contract by 94.6% and 96% voted to strike.

Down Nearly -40%

The daily chart shows that things have not been going too well for the company’s share price this year, down nearly 40% year to date. Since topping at US$267.54 in late December 2023, sellers have largely been in control, recently clocking a year-to-date low of US$156.10.

Overhead, buyers and sellers are squaring off around the lower side of an ascending support-turned-resistance line, taken from the low of US$159.70. This is closely bolstered by the potential resistance area between the Ichimoku Base Line (red at US$168.40) and the Conversion Line (blue at US$165.23). Also nearby is the Ichimoku Cloud (resistance), made up of the Leading Span B (light orange at US$176.52) and the Leading Span A (light green at US$166.82).

Price Direction

The downside bias this year, coupled with the clear areas of neighbouring resistance in this market at the moment, paves the way for possible sell-on-rally bearish scenarios, targeting support at US$150.48.

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