Stock Of The Day: Will Boeing Prove An Old Wall Street Saying Is True?

Core Viewpoint - Boeing's stock has recently experienced volatility, with a notable increase of almost 6% on Friday, but trading has quieted down, indicating a stall at a significant resistance level around $215 [1][2]. Group 1: Stock Performance - Boeing's shares were trading around $215 in early 2024, which was identified as a resistance level where sellers previously capped the price [2]. - After reaching this resistance level again earlier this month, many traders who had previously bought at this price decided to sell, leading to a concentration of sell orders [5][6]. - The historical pattern suggests that stocks often face resistance at former peak prices, indicating a potential for a selloff following the stock's return to this level [7]. Group 2: Trader Behavior - Traders who experienced buyer's remorse when the stock price fell below $215 are now positioned to sell if the price returns to their original buy price, creating additional selling pressure [6]. - The saying "Sell at former peaks" reflects the behavior of traders who aim to exit their positions at breakeven when the stock revisits previous high points [4][7].