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In the Premarket trading session on Wednesday, Boeing’s stock was trading at 332.00-lower by 1.57% as compared to its previous close.
Stocks of the largest U.S. planemaker dropped today after a 738-800 aircraft made by Boeing suffered a fatal crash in Iran. The passenger jet was operated by a Ukrainian airline. It crashed within minutes after take-off from Tehran on Wednesday morning. The crash killed all people on board. According to market sources, the passenger jet crashed due to technical problems.
The aerospace and defense giant’s stock was among the biggest losers on the DJIA ahead of the opening bell. The share’s implied price drop would shave off around 41 points off the 30-stock index. Boeing’s 737 Max has been grounded since March after two fatal crashes in Ethiopia and Indonesia that killed more than 300 people. Stocks of the largest U.S. planemaker have risen 3.54% Year to date. Boeing is scheduled to report its quarterly earnings before the market opens on 29th January.
On the technical front, the current price is below the MA20 and the MA50. The current price is below the middle line of the Bollinger Bands and is heading downwards. The stock is expected to trade lower today.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT SELL AT 333.00 TAKE PROFIT AT 328.00 STOP LOSS AT 335.00