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June 16, 2023
After closing yesterday at $219.41, the aircraft manufacturer spiked to $223.87 before giving back its gains and closing the session at $219.85.
This uncertain state for Boeing is reflected by published market data as data for United States Retail Sales released yesterday at 12:30 UTC is better than expected with 0.3%, but worse than previous figure of 0.4%. New United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000). United States Philadelphia Fed Manufacturing Index (Jun) came out at -13.7, while a consensus of analysts was expecting -13.5.
As the trading day comes to an end, chart analysis indicates Boeing is approaching key support, around $3.57 away from $216.28. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Boeing's upper Bollinger Band® is at $224.64, suggesting that a downward move may follow.
Overall, technical indicators suggest Boeing has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other industrials stocks as General Electric is up 0.79%. Caterpillar is down to $245.55, losing 0.86%, after ending yesterday at $247.67. United Parcel Service is trading around $178.11 (down 0.5%).
The stock has been trending positively for about a month. The aircraft manufacturer reached a significant high of $221.56 around 4 days ago but has lost 0.97% since then.
