A quick look at yesterday: Boeing ended Tuesday's session at $188.29. yesterday started with an increase to $196.4, but dropped back and closed at $196.
Boeing's uptick comes amid good United States macroeconomic data released during the day — United States GDP beat the 2.9 projections, with 3.2. United States Initial Jobless Claims beat the 222,000 projections, with 216,000.
Boeing's uptick comes amid disappointing United States macroeconomic data released during the session – Crude Oil Inventories in United States fell short of market expectations (-1.66 million) with a reading of -5.89 million, continuing the decline from the previous figure of 10.23 million.
Analysis of Boeing's recent price action suggests Boeing could be slowing down soon; it is getting close to the resistance line and is now at $198.36, only $2.36 away. Crossing the resistance line could, however, suggest that further gains are ahead. Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Boeing price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that according to technical analysis of Boeing's Relative Strength Index (RSI), the market is currently overbought. Asset volatility analysis shows that Boeing's upper Bollinger Band® is at $195.54, this is a slight indication of a slowdown.
Overall, while Boeing has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
A look at other industrials stocks also showed bullish price action as Caterpillar gained 2.8%, as it traded at $241.73. United Parcel Service added 1.76% to its value, and traded at $176.68. Honeywell International gained 1.71%, as it traded at $215.1.
Also worthy of note, tomorrow at 13:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to 0.1% from the preceding figure of 0.5%.
The market is looking forward to the release of new data: United States New Home Sales (Nov) scheduled to come out tomorrow at 15:00 UTC. United States Core PCE Price Index (MoM) (Nov) will be released tomorrow at 13:30 UTC.
The stock has been trending positively for about a month. The aircraft and rotorcraft manufacturer now trading 38.88% above its 3-month low of $115.86.