Boeing stock price has rebounded a massive 17.75% from its yearly low after suffering a three-month downtrend. This surge is largely attributed to the company securing orders from various airlines, including a recent win of a 30 787 Dreamliners order from flydubai.
In addition, investors are also celebrating the US CPI numbers which showed an ease in consumer spending for the month of October, suggesting that the Federal Reserve might shift to a more dovish approach in the future. As a result, the stock of the airplane manufacturer opened the New York trading session at $209, up 0.7% from yesterday’s close.
A strong bullish sentiment surrounds NYSE: BA which has not only propelled back inside the $197-$221 trading range but has also broken above the 200-day moving average.
I expect the stock to retest the $221 level, provided the price gains acceptance above $208, which is the middle of the trading range. However, the short-term Boeing stock price forecast might flip bearish if the bulls fail to gain strength above $208.
