Boeing depreciates 0.69% with $209.12 as the low of the day

Yesterday at a glance: a tough session dominated by bearish sentiment left Boeing $1.49 lower, while setting a $209.12 to $214 session range.

United States ADP Nonfarm Employment Change (Mar) is next today at 12:15 UTC.

While price action maintains a negative bias, United States JOLTs Job Openings (Feb) released yesterday at 14:00 UTC with a figure of 9.93 million, while the previous figure was 10.56 million. United States API Weekly Crude Oil Stock came out at -4.35 million, while a consensus of analysts was expecting -1.8 million. United States Factory Orders fell short of the -0.5% projections, with new data of -0.7%.

Boeing made an initial break below its 5 day Simple Moving Average at $210.36, a possible indication of a forthcoming negative trend. Boeing is currently flirting with an active Fibonacci support level around $210.7. Boeing's upper Bollinger Band® is at $216.43 which indicates a further downward move may follow. In contrast, Boeing could begin to recover as it approaches significant support, now $3.22 away from $210.68. Dipping below could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Boeing.

Boeing was not the only decliner in the industrials sector; Caterpillar went down to $217.45, losing 5.4% after it closed at $229.87 yesterday. Deere & Company drops 4.18% yesterday to close at $415. United Parcel Service drops 1.61% yesterday to close at $193.72.

Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -2.33 million. It previously stood at -7.49 million; data will be released today at 14:30 UTC.

Furthermore, United States ADP Nonfarm Employment Change (Mar) will be released today at 12:15 UTC. United States ISM Non-Manufacturing PMI (Mar) is expected today at 14:00 UTC.

The aircraft manufacturer has appreciated 59.55% over the past six months.