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May 26, 2023
Yesterday at a glance: bullish sentiment helped the aircraft manufacturer to hammer out a noteworthy $196.62 to $201.75 range yesterday, and finally closing at $200.87 to end the session.
Boeing's uptick comes amid good United States macroeconomic data released during the day — highly important GDP data from United States beat analyst expectations of 1.1 with a reading of 1.3. Highly important Initial Jobless Claims data from United States beat analyst expectations of 250,000 with a reading of 229,000.
On the flip side, highly important Pending Home Sales data from United States beat analyst expectations of 0.5% with a reading of 0%.
Concerning technical analysis and more specifically, trend indicators, despite ticking up in the session, the short-term outlook has become negative after the MACD moved below its signal line — typically a bearish indicator that upward momentum is running out of steam. Price action remains constrained around the key Fibonacci level of $200.7 currently serving as resistance Yesterday's price action generated a Japanese candlestick pattern showing 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Analysis based on the asset volatility indicates that Boeing's lower Bollinger Band® is at $196.27, indicating that the market is oversold and fertile for new buyers. Support/Resistance levels obtained from chart analysis indicate that Boeing could be slowing down soon; it is getting close to the resistance line and is now at $202.88, only $2 away. Crossing the resistance line could, however, suggest that further gains are ahead.
With market volatility ebbing, the current technical outlook indicates Boeing will remain range-bound for the immediate future.
A look at other industrials stocks also showed bullish price action as United Parcel Service traded at $171.23 after closing yesterday's trading day at $167.72 (up 2.09%). Union Pacific traded at $193.21 after closing yesterday's trading day at $191.91 (up 0.68%).
While Boeing was bullish yesterday, the following industrials stocks underperformed: Lockheed Martin closed at $442.83 (down 2.18%).
Also worthy of note, today at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to 0% from the preceding figure of 0.3%.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Apr) is expected today at 12:30 UTC.
On a negative trend for around a month. 11 months ago, the aircraft and rotorcraft manufacturer fell to a low of $115.86 but has since recovered 72%.
