Yesterday at a glance: pronounced bearish sentiment in the market pushed the aircraft manufacturer into a notable 0.71% slide yesterday, falling $1.48 and ultimately closing at $207.23.
Initial Jobless Claims in United States fell short of market expectations (240,000) with a reading of 245,000, continuing the decline from the previous figure of 240,000.
While price action maintains a negative bias, United States Existing Home Sales (Mar) came out at 4.44 million, while a consensus of analysts was expecting 4.5 million. United States Philadelphia Fed Manufacturing Index (Apr) released yesterday at 12:30 UTC with a figure of -31.3, while the previous figure was -23.2.
Boeing could begin to recover as it approaches significant support, now $1.65 away from $205.58. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Boeing peaked above its 50 day Simple Moving Average around $207.68 — typically an early indicator of a new bullish trend beginning to emerge. On the other hand, note that 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end.
Overall, looking at the technical analysis landscape, it seems Boeing might start pointing upward in the short term.
Boeing was not the only decliner in the industrials sector; Raytheon Technologies descends 1.2% yesterday to close at $104.09. Lockheed Martin went down to $490.6, losing 0.92% after it closed at $495.16 yesterday. Caterpillar went down 1.06%, closed at $224.65.
The stock has been trending positively for about 29 days. The past 6 months have been positive for the aircraft manufacturer as it appreciated 48.43%, having traded as low as $115.86.