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May 17, 2023
The aircraft manufacturer trades at $205.47 today, after closing yesterday at $200.87 and gaining $4.6 (2.29%).
New United States Crude Oil Inventories improved upon the previous 2.95 million figure while also exceeding analyst expectations with a reading of 5 million.
Boeing's uptick comes amid good United States macroeconomic data released during the day — data for United States Crude Oil Inventories published today at 14:30 UTC came out at 5 million, beating projections of -920,000 and showing improvement over the preceding figure of 2.95 million.
Boeing's uptick comes amid disappointing United States macroeconomic data released during the session – highly important Retail Sales data from United States beat analyst expectations of 0.8% with a reading of 0.4%.
At the same time, United States Building Permits (Apr) came out at 1.42 million, while a consensus of analysts was expecting 1.44 million.
Boeing reversed direction at $205.9 resistance zone and retreated back 42 cents below it. Despite posting gains so far today, Boeing slid below its 50 day Simple Moving Average at $204.8 in earlier trade — an early indicator that a negative trend could be emerging. 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Boeing's upper Bollinger Band® is at $208.38, this is a slight indication of a slowdown.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Boeing is set for a reversal in the coming days.
This rally in Boeing's share price coincides with other industrials stocks as Lockheed Martin is up 1.78%. Caterpillar is trading at $211.37 after ending yesterday's session at $207.2 (up 2%). Deere & Company is up 1.95%.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Initial Jobless Claims is projected to outperform its last figure with 254,000. It previously stood at 264,000; data will be released tomorrow at 12:30 UTC.
Elsewhere, United States Philadelphia Fed Manufacturing Index (May) will be released tomorrow at 12:30 UTC. United States Existing Home Sales (Apr) is expected tomorrow at 14:00 UTC.
On a negative trend for around a month. Boeing hit a significant low of $115.86 around 11 months ago, but has since recovered 73.37%.
