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May 09, 2023
A quick look at yesterday: the aircraft manufacturer has recovered almost all of its session losses after dipping down to $196.4 yesterday.
Boeing could begin to recover as it approaches significant support, now $1.37 away from $195.89. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Boeing peaked above its 3 day Simple Moving Average around $198.77 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $195.02, a low enough level to, generally, suggest that Boeing is trading below its fair value.
Technical analysis indicates that Boeing's current downtrend might soon change course and start climbing up in the short term.
Boeing was not the only decliner in the industrials sector; Lockheed Martin closed at $450.96 (down 1%). Raytheon Technologies went down to $95.54, losing 1.08% after it closed at $96.58 yesterday. United Parcel Service lost 0.77% yesterday and closed at $174.39.
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to come out at -1.6 million — worse than previous data of -1.28 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.
On a negative trend for around a month. After hitting an important low of $115.86 approximately 10 months ago, the aircraft manufacturer has bounced back 71.19% since.
