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In the Premarket trading session on Monday, Boeing’s stock was trading at 328.76-lower by 3.78% as compared to its previous close.
According to market sources, the company is considering whether to further cut or suspend production of the 737 Max after the FAA said last week it would not approve the beleaguered plane’s return to service before the next year. Boeing’s board of directors is holding a regular two-day meeting in Chicago from Sunday.
According to market sources, the largest U.S. planemaker could make an announcement on production plans as soon as later today. The company stated over the weekend that it will continue to assess production decisions based on the conditions and timing of return to service, which will be based on regulatory approvals.
The 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 fallen around 20% since the second crash in March. Boeing stocks, however, rallied 6% in 2019.
On the technical front, the current price is below the MA5 and the MA20. The current price is below the lower band 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- STOP SELL AT 328.50 TAKE PROFIT AT 325.50 STOP LOSS AT 340.00