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Boeing Stock Price Makes Fresh Monthly Lows Ahead Of Earnings

Boeing stock price has been in a tailspin since August. The stock of the airplane manufacturer has suffered a 24% correction after hitting a yearly peak of $243. At New York open, the stock is priced at $182 and is down 0.33% on the daily timeframe.

The Wall Street indices are not performing well on Friday as the war in the Middle East rages on. The NASDAQ 100 resumed its downward trend for the third consecutive day and has already tanked by 188 points on Friday. Similarly, the S&P 500 index is also down 38 points as it hovers around its October lows.

Boeing Signs Modification Contract With Navy

Boeing has been recently awarded a $95.4 million contract by the Naval Air Systems Command to upgrade the systems of Poseidon jets. These jets will receive two engine depot level technical services.

The stock of Boeing is trading 25.5% below its yearly peak of $242. If you are planing to buy Boeing shares then a retest of the $175 could be a good buying opportunity.

Investors are on the edge of their seats as Boeing earning report for the third quarter is set to be released next week. The airplane manufacturer is expected to post a $2.3 loss per share and a $18.48 billion revenue which is 15.8% more than last year’s results during the same quarter.

Boeing Stock Price Analysis

My prediction for BA stock has proven correct as it has price perfectly retested the $182 level. The price is currently breaking below this support level. A breakdown below $182 will most likely result in a pullback towards $174, which is a major supply zone.

Due to a strong bullish divergence on RSI and Money Flow Index indicators, there is a strong likelihood of a rebound from the $182 support level. A clear break above $190 could flip the Boeing stock price forecast bullish with a potential target of $196.

Technical analysis of Boeing stock price chart
NYSE: BA Chart