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May 21, 2023
A quick look at Friday: an influx of sellers pushed the aircraft manufacturer to session lows around $204.63 while establishing a $204.63 to $208.37 session range Friday.
Boeing made an initial break below its 3 day Simple Moving Average at $205, a possible indication of a forthcoming negative trend. A "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term. Price action remains constrained around the key Fibonacci level of $205.77 currently serving as support. If price action breaks below, the next Fib hurdle is $203.51. Boeing's upper Bollinger Band® is at $208.62 which indicates a further downward move may follow. On the other hand, note that although Boeing is down today and was as low as $204.63, it seems to be recovering slightly and climbing away from the $203.96 support line and is now $1.53 above it.
Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting Boeing to extend its recent losses.
Boeing was not the only decliner in the industrials sector; Deere & Company went down to $363.55, losing 1.88% after it closed at $370.52 Friday. Honeywell International lost 0.45% Friday and closed at $197.35.
Trading mostly sideways for a month. Boeing hit a significant low of $115.86 around 11 months ago, but has since recovered 78.87%.
