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Boeing’s stock is currently trading at 137.09- higher by 4.41% as compared to its previous close. In the pre-market trading session, the stock was trading higher by 3.88%. The stock has continued gaining after the opening bell.
The aircraft manufacturer’s reported its first-quarter revenue and earnings before the market opened on Wednesday. Boeing generated an adjusted loss per share of $1.61 for the first quarter. The loss per share was worse-than-the the consensus estimates of $1.70. The aircraft manufacturer brought in $16.91 billion in revenue for the first quarter. The revenue was also below the market expectation of $17.30 billion.
Boeing also said that it burned through $4.3 billion in cash during the first quarter. The aircraft manufacturer said it is planning to reduce aircraft production. The company has recently drawn down about $14 billion loans and sought $60 billion in government aid for itself and its supply chain. Stocks of Boeing have fallen about 58% Year-to-date.
On the technical front, the current price is above the MA5. The current price is below the middle line of the Bollinger Bands but is heading upwards. The RSI is currently at 44.1% 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 137 TAKE PROFIT AT 141 STOP LOSS AT 135