BA may experience more downside after resisted by 50% Fibo

Since October 2023, BA experienced a positive trend, reaching the 50% Fibonacci resistance level on the weekly chart. Last week, the Relative Strength Index (RSI) indicated oversold conditions, showing a downward turn.

However, the recent news of the FAA grounding over 170 Boeing 737 Max 9s, following an incident where a section of an Alaska Airlines plane blew out, could potentially amplify the downside for BA in the upcoming weeks. Caution is advised.

Key levels to watch:

Resistance: $273
Support: $231 / $200