Today at a glance: bullish sentiment helped the aircraft and rotorcraft manufacturer to hammer out a noteworthy $172.56 to $175.95 range today, and finally closing at $175.32 to end the session.
United States's Consumer Confidence new data released of 100.2 below its previous figure.
Boeing's uptick comes amid good United States macroeconomic data released during the day — data from United States concerning Consumer Confidence was released today at 15:00 UTC. Newly published figures emphasized continued decline from last month's figure of 102.2 to 100.2 this month.
Meanwhile, United States API Weekly Crude Oil Stock came out at -7.85 million, while a consensus of analysts was expecting -2.49 million. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) released today at 14:00 UTC with a figure of 10.4, while the previous figure was 13.1.
Despite posting gains on today, Boeing slid below its 10 day Simple Moving Average at $173.87 during the last session — an early indicator that a negative trend could be emerging. Boeing price action is currently oscillating around the $175.41 resistance level with prices moving above and below several times during the session.
Boeing is likely to reverse course and start pointing downward in the short term.
This rally in Boeing's share price coincided with other industrials stocks as United Parcel Service added 2.77% to its value, and traded at $184.89. Union Pacific was up 2.04%. Caterpillar traded at $235.12 after closing today's trading day at $232.3 (up 1.21%).
Today's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released tomorrow at 15:00 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.76 million, having previously been at -3.69 million. The figure will be published tomorrow at 15:30 UTC.
Furthermore, the market is looking at United States ADP Nonfarm Employment Change (Nov) is expected tomorrow at 13:15 UTC.
The stock has been trending positively for about a month. Having set a significant low of $115.86 5 months ago, the aircraft and rotorcraft manufacturer is trading 48.31% higher.