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The last time Boeing did this, it surged 50%

VIDEO2:5102:51
Boeing is a buy if it holds this level, technician says

The fallout from Boeing's 737 Max groundings is now clear.

In the first half of the year, the aerospace company delivered 37% fewer planes in the wake of two related crashes in the past nine months. The discovery of a software issue in that model line set off a sweep of groundings from domestic and international airlines.

Those issues have kept a cap on Boeing shares this year. The stock has added 9% this year, lagging the broader XLI industrials ETF's 19% increase. Now, one technician sees upside ahead.

"There is hope," said Todd Gordon, founder of TradingAnalysis.com, on CNBC's "Trading Nation" on Tuesday. "If we look at each of the declines over the last four years, they're roughly 25-30%. We're right at a 25% decline right now, holding onto that 200-period moving average."

The stock tanked 25% in one of the more recent drawdowns from an October peak to a December bottom. From that trough to its March peak, the stock surged more than 50%.

Gordon says the stock just needs to remain above one key level for any rebound to have legs.

"We really need to hold $310 in that area. If we can, it's been a symmetrical pullback and we could recover. Below that, and it is an issue," said Gordon.

Steve Chiavarone, portfolio manager at Federated Investors, says the fundamentals picture also supports a comeback in Boeing.

"It is being resilient. It's holding in at this $350 level right now," said Chiavarone during the same segment. "Our view is you certainly need to get passed this MAX issue, but once you do, demand looks relatively good. You think you can get a return to profitability, cash flow starts to improve — it's not overly expensive at this point from a value perspective. It may be worth jumping in."

Boeing trades at 19 times forward earnings, tumbling from its peak at a 22 times multiple earlier this year. The S&P 500 trades with a 17 times price-to-earnings ratio.

Disclosure: Todd Gordon and TradingAnalysis.com hold Boeing shares.

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