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June 07, 2023
Boeing rallies $4.43 (2.14%) and maintains the $211.72 level as it reaches the end of session.
United States's Crude Oil Inventories new data released of -451,000 below its previous figure.
Nevertheless, Crude Oil Inventories in United States fell short of market expectations (1 million) with a reading of -451,000, continuing the decline from the previous figure of 4.49 million.
At the same time, United States Cushing Crude Oil Inventories came out at 1.72 million, while a consensus of analysts was expecting 719,000. United States Trade Balance (Apr) released today at 12:30 UTC with a figure of -74.6 billion, while the previous figure was -60.6 billion.
Boeing made an initial breakout above its 5 day Simple Moving Average at $208.61, a potential indicator of a newly emerging bullish phase. Boeing is currently trading around the $209.73 Fibonacci resistance level. In contrast, Boeing's upper Bollinger Band® is at $212.38, this is a slight indication of a slowdown. Boeing could be slowing down soon as it approaches resistance at $212.44. Of course, crossing it might suggest further gains are ahead.
With all probabilities considered, today's gains in Boeing have only added further momentum to existing technical factors favoring greater bullish sentiment in the days to come.
Rallies can also be seen in other industrials stocks, Caterpillar is up 3.35% to $234.28. United Parcel Service gained 1.82%, currently at $170.64. Deere & Company is trading at $381 after ending yesterday's session at $373.69 (up 1.96%).
Furthermore, the market is looking at United States Initial Jobless Claims projected to decline to 235,000 while previous data was 232,000; data will be released tomorrow at 12:30 UTC.
The stock has been trending positively for about a month. Boeing hit a significant low of $115.86 around 11 months ago, but has since recovered 78.91%.
