Boeing (BA) shares closed at their highest level since February last year on news that the company will resume delivering plane🍷s to China next moꩲnth.

CEO Kelly Ortberg said that the country’s airlines had indicated they would begin taking first deliveries in June, with the development coming after China earlier this month reportedly reversed a ruling barrin🉐g its airlines from taking deliveries of Boeing planes. Sentiment likely received an added boost after Ortberg said Boeing plans to increase production of its top sellin🧸g 737 Max jets to 42 per month in the near-term and 47 per month by the end of the year.

Boeing shares have rebounded 62% from their early-April low and trade 18% higher since the start of the year through Thursday’s close, lifted by growing optimism that the jet maker could 🌌become a beneficiary of a broader U.S-China trade 🌳deal. The stock was the top gainer in the Dow Jones Industrial Average on Thursday, rising more than 3% to arꦯound $208.💛

Below, we take a closer look at Boeing’s chart and apply 澳洲幸运5官方开奖结果体彩网:technical analysis to identify p𓂃rice levels worth watching out for.

Flag Pattern Breakout

Boeing shares broke out above the neckline of a 澳洲幸运5官方开奖结果体彩网:double bottom earlier this month before consolidating in a flag, a chart pattern that signals a continuation of the stock’s strong uptrend that has been in play since early April.

Indeed, the shares broke out from the flag in Thursday's trading session, setting the stage for another move higher. However, it’s worth pointing out that, while the 澳洲幸运5官方开奖结果体彩网:relative strength index confirms bullish price momentum, the indicator also cautions 澳洲幸运5官方开奖结果体彩网:overbought condition🐷 with a reading above the 70 threshold.

Let’s identify key 澳洲幸运5官方开奖结果体彩网:support and resistance levels on Boeing's chart.

Key Support Levels to Watch

The first lower level to watch sits around $199. This area would likely provide solid support near a 澳洲幸运5官方开奖结果体彩网:horizontal line that connects the low of the flag pattern with multiple 澳洲幸运5官方开奖结果体彩网:peaks and troughs on the ꦡchart extendi💃ng back to the fourth quarter of 2023.

A close below this key level could see the shares descend to $187. Investors may look for 澳洲幸运5官方开奖结果体彩网:entry points i𒊎n this location near the double bottom pattern’s neckline, an area on the chart ﷽that may flip from prior resistance into future support.

Resistance Levels to Monitor

A continuation of the stock’s recent bullish momentum could trigger a move toward $234, where the shares may encounter overhead selling pressure near a range of corresponding 澳洲幸运5官方开奖结果体彩网:price action that followed a 澳洲幸运5官方开奖结果体彩网:stock gap in January last year.

Finally, buying above this level could see Boeing shares take off to the $265 region. Investors who bought at lower prices may decide to 澳洲幸运5官方开奖结果体彩网:lock in profits in this area near a series of trading activity situated around the December 2023 澳洲幸运5官方开奖结果体彩网:swing high.

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