| 
April 26, 2023
Yesterday at a glance: the aircraft manufacturer has recovered almost all of its session losses after dipping down to $201.12 yesterday.
Core Durable Goods Orders data from United States will be released today at 12:30 UTC with analysts expecting a decline to -0.2%. Potentially significant price fluctuations in Boeing are expected to follow.
Data from United States concerning Consumer Confidence was released yesterday at 14:00 UTC. Newly published figures emphasized continued decline from last month's figure of 104 to 101.3 this month.
Meanwhile, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000. United States Building Permits released yesterday at 12:10 UTC with a figure of 1.43 million, while the previous figure was 1.55 million.
Chart analysis suggests although Boeing is pointing down today (was as low as $201.12), it's climbing away from the $200.56 support line and is now $1.63 above it. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Boeing's lower Bollinger Band® is at $200.81, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates Boeing will remain range-bound for the immediate future.
Boeing was not the only decliner in the industrials sector; United Parcel Service closed at $176.29 (down 10%). Union Pacific closed at $194.75 (down 2.76%). Deere & Company lost 2.21% yesterday and closed at $379.47.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of -0.1%; data will be released today at 12:30 UTC. Tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 0.5% from the preceding figure of 0.8%.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million. It previously stood at -4.58 million; data will be released today at 14:30 UTC.
Trading mostly sideways for a month. The aircraft manufacturer has appreciated 36.97% over the past six months.
