Boeing currently down 3.6% halfway through today

The aircraft manufacturer drops 3.6% in early trade and remains within touching distance of the $193.69 level.

Initial Jobless Claims in United States fell short of market expectations (240,000) with a reading of 242,000, continuing the decline from the previous figure of 229,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of -1.1 million with a reading of -1.28 million.

While price action maintains a negative bias, United States Interest Rate came out at 5.25, while a consensus of analysts was expecting 5.25.

The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Boeing is currently flirting with an active Fibonacci support level around $196.16. Boeing has just crossed the lower Bollinger Band® at $196.76, indicating further losses could be forthcoming. Boeing fell below the $198.95 support zone and moved $5.26 beyond it; the next level of support with significant buyer interest is estimated at $196.98.

Looking forward, Boeing is poised to extend its strong downtrend and continue declining.

Boeing's stock value drop coincides with General Electric is down to $98.09, losing 3.62%, after ending yesterday at $101.77. After closing the previous session (yesterday) at $215.64, Caterpillar lost $5.73 and is trading around $209.91. United Parcel Service is down to $173.24, losing 1.47%, after ending yesterday at $175.83.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Non Farm Payrolls projected to come out at 180,000 — worse than previous data of 236,000; data will be released tomorrow at 12:30 UTC. As things stand, upcoming United States Unemployment Rate data is projected to fall short of market expectations with newly published data of 3.6, following on from the preceding figure of 3.5. New data is set to be published tomorrow at 12:30 UTC.

Trading mostly sideways for a month. The aircraft manufacturer has recovered 73.42% since descending to a significant low of $115.86 around 10 months ago.