While Boeing was in the midst of a 4 day downtrend— in which it lost a total of 3.7%— A possible reversal detected from yesterday; after ending Friday at $206, Boeing went up to $208.21 only to drop back, yet still traded well overall and closed at $206.81 yesterday.
United States Fed Chair Powell speech is next today at 17:00 UTC.
Visual analysis of Boeing's chart shows that Boeing could be slowing down soon as it approaches resistance at $208.76. Of course, crossing it might suggest further gains are ahead. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Boeing's lower Bollinger Band® is at $204.37, indicating that the market is oversold and fertile for new buyers.
With market volatility ebbing, the current technical outlook indicates Boeing will remain range-bound for the immediate future.
A look at other industrials stocks also showed bullish price action as Lockheed Martin traded at $469.1 after closing yesterday's trading day at $459.08 (up 2.18%).
While Boeing was bullish yesterday, the following industrials stocks underperformed: United Parcel Service drops 1.51% yesterday to close at $191.66.
Furthermore, the market is looking at as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 2.15 million, following on from the preceding figure of 4.14 million. New data is set to be published tomorrow at 15:30 UTC.
Also worthy of note, United States Fed Chair Powell speech scheduled to come out today at 17:00 UTC. United States EIA Short-Term Energy Outlook is expected today at 17:00 UTC.
The stock has been trending positively for about 3 months. The past 3 months have been positive for the aircraft and rotorcraft manufacturer as it added 25.53% compared to its 3-month low of $115.86.