As the current session draws to a close, the aircraft manufacturer is hovering around the $178.62 level after closing yesterday at $185.1 and dropping by 3.5%.
Boeing is currently trading at $178.62 following the release of EIA Short-Term Energy Outlook data from the United States.
Amid the market gloom, United States ISM Non-Manufacturing PMI (Nov) released yesterday at 15:00 UTC with a figure of 56.5, while the previous figure was 54.4. United States Trade Balance (Oct) came out at -78.2 billion, while a consensus of analysts was expecting -80 billion. United States Exports is released with a new figure of 256.6 billion, this is down from preceding data of 258.5 billion.
Boeing made an initial break below its 5 day Simple Moving Average at $179.59, a possible indication of a forthcoming negative trend. Boeing's upper Bollinger Band® is at $183.38 which indicates a further downward move may follow. In contrast, Boeing bounced after reaching the $181.12 support zone, climbing $2.5 above it.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Boeing.
In the meantime, negative performances are also seen in other industrials stocks as United Parcel Service is down 3.77% from the beginning of the session and now trades around $174.33. Automatic Data Processing is trading around $257.54 (down 2.59%). Raytheon Technologies is down to $98.59, losing 2.08%, after ending yesterday at $100.68.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC.
The stock has been trending positively for about a month. Boeing hit a significant low of $115.86 around 5 months ago, but has since recovered 59.76%.