I had been bullish on this name but as markets have moved lower and provided us with more information, it's become apparent that the consolidation that BA moved out of to the upside has been a failed breakout. This now paints a much more bearish picture for the stock.
The daily chart below shows the failed breakout was accompanied by an increase in volume as investor behaviour reversed. Whilst price has rallied since the failure, it now looks to be at a key resistance area and I think the higher probability is for the name to move lower again from here. Target is at ~280, a move back to new highs would have me accepting I'm wrong in my bearish outlook.
