Boeing (NYSE: BA) stock price is rising once again after having a pullback in June 2023. Since then, the shares are already up 5% and aiming for more upside. Technical analysis suggests a deeper pullback could still be a possibility if the stock doesn’t break above its current trading range soon.
On Monday, US stock markets showed a mixed sentiment. The benchmark S&P 500 and the NASDAQ 100 both indices closed in green. Boeing stock showed a positive price action and closed the day after rising 0.57%.
According to the latest Boeing news, the company is still confident of meeting its 737 delivery targets for this year. The recent collapse of a bridge has disrupted the fuselage supplies to the company. Despite this logistic issue, the company is still optimistic and has found a solution to overcome this hurdle.
In other news, Godrej airspace is targeting the suppliers of Boeing and Airbus as the jet orders in India keep piling up. It was revealed by a top executive of the Indian aerospace company. Analysts expect global traveling to surge above its pre-lockdown level by October 2023. This may act as a tailwind for Boeing stock price.
If you read my June forecast for Boeing, last month’s pullback shouldn’t have surprised you. I accurately predicted this move. While the price perfectly met with my first target of $209, it reversed before a retest of the range lows at $197.
On a higher timeframe, Boeing stock forecast is quite a hard nut to crack as the price has been hovering within the same trading range for the last 6 months. If Boieing share price breaks below the midpoint of $209, then a retest of $197 will be on the cards once again. A pullback in S&P 500 index may act as a catalyst for such a downward rally.
In the meantime, I’ll keep sharing updated Boeing forecast and my personal trades on my Twitter, where you are welcome to follow me.
This post was last modified on Jul 11, 2023, 10:03 BST 10:03