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Boeing’s stock is currently trading at 140.89-higher by 5.68% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.69%. The stock has continued gaining after the opening bell.
Investment bank RBC Capital Markets initiated coverage of Boeing with an outperform rating and a $164 price target. The investment bank’s price points to a potential upside of about 23% from the share’s previous closing price. RBC said the aircraft manufacturer’s stock has a favorable risk to reward profile and its defense business is undervalued.
The FAA said earlier this week that it will require Boeing and other aircraft manufacturers to adopt new safety management tools. The aircraft manufacturer reported its first-quarter revenue and earnings in the last month. The commercial aerospace giant said it is planning to reduce aircraft production during the first-quarter earnings call. Stocks of Boeing have fallen about 56% Year-to-date.
On the technical front, the RSI is currently at 53.79% 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 17% 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 139.90 TAKE PROFIT AT 142.40 STOP LOSS AT 138.70