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February 27, 2023
A quick look at Friday: a tough session dominated by bearish sentiment left Boeing $9.98 lower, while setting a $197.38 to $201.7 session range.
United States Core Durable Goods Orders data will be released today at 13:30 UTC, with an expected improvement to 0.1%. Boeing reaction to indicator information will follow.
Boeing's notable support and resistance levels: Boeing could begin to recover as it approaches significant support, now $1.71 away from $196.44. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that 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. Price action remains constrained around the key Fibonacci level of $197.7 currently serving as support. If price action breaks below, the next Fib hurdle is $194.09. Asset volatility analysis shows that Boeing's lower Bollinger Band® is at $199.3, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates Boeing will remain range-bound for the immediate future.
Boeing was not the only decliner in the industrials sector; Deere & Company closed at $417.42 (down 1.8%). Honeywell International went down to $192.04, losing 1.53% after it closed at $195.02 Friday. Caterpillar goes down 0.75% Friday to close at $237.95.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Pending Home Sales projected to decline to 1% while previous data was 2.5%; data will be released today at 15:00 UTC.
In addition, United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%, having previously been at -0.2%. The figure will be published today at 13:30 UTC. United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released tomorrow at 15:00 UTC.
Over the past 13 days, the aircraft and rotorcraft manufacturer has retreated 4.72% from a noteworthy peak of $218.45.
