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Boeing’s stock is currently trading at 168.64-higher by 9.97% as compared to the previous closing price.
TUI AG said earlier today it has agreed to a deal with Boeing for compensation and deferred deliveries of the grounded 737 Max jet. The European biggest travel company said the details of the Boeing deal were confidential, but according to market sources it was receiving about $336 million. The aircraft manufacturer will also provide it with credits for future orders. Boeing also agreed that the European travel company will get fewer 737 Max aircraft over the next few years with deliveries of the 61 planes it has on order delayed by around two years.
Boeing’s 737 Max was grounded in the last year after two crashes in five months killed more than 300 people. The aircraft manufacturer reported its first-quarter revenue and earnings in late April. The commercial aerospace giant said it is planning to reduce aircraft production during the first quarter’s earnings call. Stocks of Boeing have fallen about 49% Year-to-date.
On the technical front, the RSI is currently at 67.64% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 85% and suggests that the market can move in the upward direction.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit target.
TRADE SUGGESTION- LIMIT BUY AT 168 TAKE PROFIT AT 170 STOP LOSS AT 167