A quick look at today: an influx of buyers helped the aircraft manufacturer to end the session higher around $139.76, while establishing a $136.62 to $143.1 session range today.
Boeing's uptick comes amid good United States macroeconomic data released during the day — data for United States GDP published today at 12:30 UTC came out at 2.6, beating projections of 2.4 and showing improvement over the preceding figure of -0.6. Highly important Initial Jobless Claims data from United States beat analyst expectations of 220,000 with a reading of 217,000.
On the flip side, data from United States concerning Core Durable Goods Orders was released today at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0.3% to -0.5% this month.
Boeing made an initial breakout above its 5 day Simple Moving Average at $140.59, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $136.62 to $143.1, Fibonacci-inclined Boeing traders were highly concentrated around active Fibonacci resistance at $141.21. On the other hand, note that although Boeing is appreciating today after rising as high as $143.1, price action is now slowing and consolidating around $5.46 below the $145.22 resistance level.
Overall, looking at the technical analysis landscape, it seems Boeing might continue pointing upwards in the short term.
This rally in Boeing's share price coincided with other industrials stocks as Caterpillar was up 7.71%. Honeywell International traded at $196.49 after closing today's trading day at $190.27 (up 3.27%). Lockheed Martin traded at $471.93 after closing today's trading day at $462.56 (up 2.03%).
Also worthy of note, projections for United States Pending Home Sales are set for a continuation of decline with -5% while previous data was -2%; data will be released tomorrow at 14:00 UTC.
The market is looking forward to the release of new data: United States Core PCE Price Index (MoM) (Sep) scheduled to come out tomorrow at 12:30 UTC.
The aircraft manufacturer reached a significant high of $233.09 around 11 months ago but has lost 42.6% since then.