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June 30, 2023
A quick look at today: slightly down but mostly flat: Boeing ranged between $209.38 and $213.16 before closing at $211.16.
Pending Home Sales in United States fell short of market expectations (-0.5%) with a reading of -2.7%, continuing the decline from the previous figure of -0.4%.
Meanwhile, United States Core PCE Price Index (YoY) (May) released today at 12:30 UTC with a figure of 4.6, while the previous figure was 4.7. United States Core PCE Price Index (MoM) (May) came out at 0.3, while a consensus of analysts was expecting 0.3.
Boeing could begin to recover as it approaches significant support, now $1.88 away from $209.28. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Boeing peaked above its 21 day Simple Moving Average around $212.46 — typically an early indicator of a new bullish trend beginning to emerge. On the other hand, note that having stamped out a session range of $209.38 to $213.16, Fibonacci-inclined Boeing traders were highly concentrated around active Fibonacci support at $211.58.
Despite suffering losses in today's session, technical analysis is indicating that Boeing will undergo a significant bounce in the immediate term.
On the other hand, positive performances could be seen by looking at other industrials stocks as United Parcel Service traded at $179.25 after closing today's trading day at $176.05 (up 1.82%). General Electric was up 1.96%. Deere & Company traded at $405.19 after closing today's trading day at $401.63 (up 0.89%).
Having set a significant high of $221.56 18 days ago, the aircraft and rotorcraft manufacturer is trading 4.39% lower.
