Boeing Share Price Falls After 737 Air Crash in Indonesia
Boeing shares fell today after a 737 aircraft belonging to Sriwijaya Air crashed into the sea shortly after take-off on Sunday. The aircraft was carrying 62 persons on board and was headed to Pontianak after take off from Jakarta; a 90-minute flight.
The black boxes of the plane have been recovered and more information is expected. While this aircraft is not a 737 MAX,
the crash continues to cast a fresh pall over Boeing. Boeing’s share price has seen its fortunes badly hit after two 737 MAX air crashes (for which it has settled to pay billions as compensation), and the impact of the coronavirus on global aviation.
Technical Outlook for Boeing
Boeing’s share price is down 2.46% and has found support at 201.58. The intraday bounce requires bullish momentum to target the 209.74 resistance, with 215.73 and 224.13 serving as additional resistance targets.
On the other hand, 197.27 and 191.51 may become new targets if 201.58 breaks down. This outlook also invalidates the expectation of a bullish break of the bull flag on the daily chart of Boeing share price action.