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May 30, 2023
Investors are currently sidelined due to the Memorial Day holiday but will return to their desks today. Looking back over the previous session Friday: after finishing Thursday at $200.87, the aircraft manufacturer went up by 1.37% Friday and remained at the $203.63 level.
United States Consumer Confidence data will be released today at 14:00 UTC, with an expected decline to 99.
Trend-focused traders would be interested to note that Boeing made an initial breakout above its 10 day Simple Moving Average at $203.26, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $203.51 currently serving as resistance. If broken, the next Fib hurdle is expected to be $205.77. Asset volatility analysis shows that Boeing's upper Bollinger Band® is at $207.74, this is a slight indication of a slowdown. Chart analysis indicates although Boeing is appreciating today after rising as high as $204.8, price action is now slowing and consolidating around $1.6 below the $205.23 resistance level.
Overall, while Boeing has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in Boeing's share price coincided with other industrials stocks as Lockheed Martin was up 1.27%. General Electric gained 1.2%, as it traded at $102.74. Honeywell International traded at $193.75 after closing Friday's trading day at $192.27 (up 0.77%).
Furthermore, the market is looking at United States Consumer Confidence projected to come out at 99 — worse than previous data of 101.3; data will be released today at 14:00 UTC.
Also worthy of note, United States JOLTs Job Openings (Apr) will be released tomorrow at 14:00 UTC.
Trading mostly sideways for a month. Boeing hit a significant low of $115.86 around 11 months ago, but has since recovered 73.37%.
