Dow Jones Forecast: Three Dow Stocks To Watch In The Week Ahead

BOEING (BA) PRICE CHART: DAILY TIME FRAME (JUNE 2020 – JANUARY 2021)

(Click on image to enlarge)

boeing price chart

Chart created in TradingView by Peter Hanks

Nearby support might reside at the $200 mark with the 200-day simple moving average ticking higher beneath. Resistance is perhaps more prevalent with potential barriers around $225, $234 and $244. Over the longer term, a break above the June and December highs could be viewed as a meaningful development in prolonging the recovery rally. The MACD indicator should be watched closely as a crossover beneath the zero line appears imminent on the daily chart.

APPLE (AAPL)

Edging out Microsoft for the top spot, Apple is the largest company by market cap and possesses significant influence over all three indices and will report Wednesday after the close. Due to its size and track record, the Cupertino, California based company is a crucial driver of market sentiment. In the past, a surprisingly poor Apple earnings report even sparked a flash crash in the USD/JPY currency pair.

APPLE (AAPL) PRICE CHART: DAILY TIME FRAME (AUGUST 2020 – JANUARY 2021)

(Click on image to enlarge)

apple aapl price chart

Chart created in TradingView by Peter Hanks

Often regarded as one of the most steadfast companies in the world, the expectations around Apple understandably high. Recent price action has seen the stock surge from $128.50 to $138 in just three sessions, perhaps in anticipation of the upcoming report. While encouraging, this rally may place Apple in a unique position after the report is released as it could see a follow-up rally cut short or see a drastic pullback to erase the recent charge higher.

Either way, the longer-term outlook for Apple remains constructive in my view and deep pullbacks may provide an opportunity to gain exposure at lower prices. Nearby support might reside at the area around $126 to $124.50. The Fibonacci level around $130.40 may also play a supportive role, but a breakthrough the range beneath would be more meaningful in the bigger picture. Initial resistance likely resides at $138 and $144.

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