Boeing Share Price Surges by Over 11% as Production Resumes on Monday

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Written By: Angeline Feliciano
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    Summary:
  • Aside from risk appetite sparked, Boeing share price surged as the company announced that it would resume production as early as Monday.

Aside from risk appetite sparked by optimism on the coronavirus pandemic, Boeing share price surged as the company showed signs of progress towards normalcy. The stock is up by over $15 or more than 11.50% as it trades around 149.72.

Earlier today, Boeing announced that it will soon restart operations in its operations in its Seattle factory as early as April 20. This means that around 27,000 people could get back to work. To mitigate the risk of infection, the company will impose physical distancing measures. Employees will also have wellness checks and contact tracing will be implemented.

The surge in the Boeing share price was also fueled by news that Gilead’s Remdisivir could be a viable potential cure for the coronavirus.

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Boeing Share Price Outlook

On the 4-hour time frame, it can be seen that Boeing share price seems to have broken to the upside of its recent consolidation. By connecting the highs and lows from March 18, it can be seen that the stock had formed a symmetrical triangle. Zooming out, a bearish pennant also becomes apparent. This is a chart pattern characterized by a sharp drop and followed by a consolidation. If there are enough buyers to sustain the rally on Boeing share price, this bearish indicator could be invalidated. A close above its current levels around 149.50 could be enough to signal a potential bullish run. Near-term resistance would be at 164.46 where the stock peaked on April 7.

On the other hand, if Boeing share price falls to yesterday’s lows at 132.86, it could mean that today’s price action is nothing more than just a fakeout. Should this happen, we could expect the stock to fall to the low of April 2 at 119.68.

Written By: Angeline Feliciano

Angeline Feliciano has been trading Forex for over ten years. She has invaluable experience working in FX education companies like BabyPips.com and Learn to Trade as a trader, currency analyst, trading coach, and presenter. Aside from these roles, she has also created intensive educational content on fundamental analysis which is heavily sought after by retail traders. She has taught hundreds of people how to trade the FX market in the Philippines and in Australia. When she is not trading, you can find her in the gym lifting weights.

Published by
Written By: Angeline Feliciano