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June 03, 2023
A quick look at yesterday: after ending Thursday's session at $207.96, Boeing went up to $215.24 yesterday only to fall back and close at $213.32.
Boeing's uptick comes amid good United States macroeconomic data released during the day — United States Non Farm Payrolls came out at 339,000, better than analyst estimates of 180,000 and improving upon the previous reading of 294,000.
On the flip side, highly important Average Hourly Earnings data from United States beat analyst expectations of 0.4% with a reading of 0.3%. Data from United States concerning Unemployment Rate was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 3.4 to 3.7 this month.
Support/Resistance levels obtained from chart analysis indicate that Boeing is $2.39 away from testing key resistance at $215.71. Peaking above this level could inspire market bulls and open the path to further gains. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Boeing's upper Bollinger Band® is at $212.37, this is a slight indication of a slowdown.
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 Caterpillar traded at $226.63 after closing yesterday's trading day at $209.07 (up 8.4%). Deere & Company added 5.25% to its value, and traded at $371.07. Honeywell International traded at $198.85 after closing yesterday's trading day at $193.86 (up 2.57%).
The stock has been trending positively for about 29 days. Boeing hit a significant low of $115.86 around 11 months ago, but has since recovered 79.49%.
