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March 08, 2023
Yesterday at a glance: pronounced bearish market sentiment ensured that the aircraft and rotorcraft manufacturer made a notable 1.89% loss yesterday, declining $4 and ultimately closing at $207.92.
United States ADP Nonfarm Employment Change (Feb) is next today at 13:15 UTC.
While price action maintains a negative bias, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -3.83 million, while the previous figure was 6.20 million. United States 3-Year Note Auction came out at 4.635.
Boeing made an initial break below its 21 day Simple Moving Average at $209.65, a possible indication of a forthcoming negative trend. On the other hand, note that Boeing could begin to recover as it approaches significant support, now $1.85 away from $206.07. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Boeing to extend its recent losses.
Boeing was not the only decliner in the industrials sector; Caterpillar went down 3.09%, closed at $253.98. United Parcel Service lost 1.74% yesterday and closed at $183.27. Union Pacific slips 1.64% yesterday to close at $208.83.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories expected to decline to 395,000 while its preceding data was 1.17 million, data will be available today at 15:30 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Feb) scheduled to come out today at 13:15 UTC. United States JOLTs Job Openings (Jan) will be released today at 15:00 UTC.
Boeing hit a significant low of $115.86 around 8 months ago, but has since recovered 82.91%.
