It's been a while since I posted a chart. I am a chartist so for good or bad I have to read the charts. I don't ignore them.
This delay from Boeing with the final submission to the FAA is playing havoc with the share price. Its sort of reached a crux point.
I sort of understand that Boeing with the black swan event of Trumps proposed tariffs and possible retaliation by the EU, Brazil and other countries would be a serious source of concern about the delivery of aircraft and order books into or out of the US. Will imposed tariffs include aircraft? I have no idea.
Back to the chart. There seems to be two potential possible formations in play. Much is dependant on the news of Boeings submission to the FAA.
If it arrives in coming weeks then it looks like the bullish Cup and handle formation should form
However if there is no news by mid March then the cup bottom will likely to be breached into the nigh 30's. Bearish
There is and unfilled gap at 34-38. The 23% C-wave FIB on the chart suggests that this is a possibility.
Can't chart the news. DYOR
cheers Lies
SMN Price at posting:
44.5¢ Sentiment: Hold Disclosure: Held
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