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July 05, 2023
Investors are currently sidelined due to the July 4th holiday but will return to their desks today. Looking back over the previous session Monday: a mostly flat day so far for the aircraft and rotorcraft manufacturer, range-bound between $210.25 and $212.17 and currently at $210.92.
Boeing made an initial breakout above its 3 day Simple Moving Average at $211.24, a potential indicator of a newly emerging bullish phase. Boeing is approaching key support, around 87 cents away from $210.05. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite muted price action in Boeing, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances were seen by other industrials stocks as United Parcel Service was up 2.52%. General Electric went down 1.43%, closed at $109.85. Union Pacific traded at $206.13 after closing Monday's trading day at $204.62 (up 0.74%).
Data to be released today might clear up some of the market fog as United States Crude Oil Inventories is projected to outperform its last figure with -729,000. It previously stood at -9.60 million; data will be released tomorrow at 15:00 UTC. United States ADP Nonfarm Employment Change (Jun) will be released tomorrow at 12:15 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 245,000 while previous data was 239,000; data will be released tomorrow at 12:30 UTC.
The aircraft manufacturer has fallen back around 4.69% over the past 23 days, from a notable high of $221.56.
