Boeing Stock Price Attempts To Breakout Ahead Of FOMC
Boeing (NYSE: BA) stock price has remained sideways since the start of 2023. During this time, the stock has kept trading inside the $195-$218 trading range. The latest analysis shows that the shares of the aviation giant are currently retesting the range high.
On Friday, Boeing stock had a pullback in the opening hours despite a surge in S&P 500 index and the NASDAQ 100 index. Till press time, the shares were down 0.20%. After a sell-off on Thursday, the tech stocks continued their surge on Friday.
Boeing 787 Deliveries To Slow Down
According to the most recent news from The Boeing Company has confirmed a delay in the delivery of 787 due to a new quality problem involving fittings on the widebody jets’ horizontal stabilizers. As per the details, the company is internally inspecting the inventory for nonconforming conditions.
The delay in the delivery of the 787 comes after a similar delay in the deliveries of the 737 Max and 767s in the past few months. These quality issues and the delay and deliveries have become headwinds for the Boeing stock price, which has remained sideways this year.
Boeing Stock Price May Pullback From Here
The technical analysis of NYSE: BA is pretty straightforward. It reveals that the stock price has failed to breakout of the $195-$218 trading range despite repeated attempts. At the moment, the price is retesting the range high once again, which has been acting as a huge resistance since the start of this year.
Boeing stock price forecast will become very bullish if it breaks above the $218 resistance. However, the bearish divergence on the 4H and 1D chart suggests that another rejection from the range highs is more likely. A rejection can potentially take the price back to the range low close to $195.
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