Shares of Boeing (BA) traded lower on Monday following a Jeju Air crash in South Korea on Sunday. The crash prompted an order by the South Korean government to inspect all 737-800 planes and the country's entire airline operation system.
Boeing has been entangled with problems from their popular 737-800 planes after a series of accidents. The various accidents led to investigations and allegations of the company’s production facilities.
Shares fell more than 2% during the day’s trading, bringing significant technical support in to play for the stock.
Boeing’s 200-day moving average currently sits at $170, the stock’s lows for Monday. Technical support from this long-term trendline was obvious. Boeing stock saw increased buying volume on its intraday price charts at $170.
That 200-day moving average is currently in a neutral trend, suggesting that the stock is still under technical pressure after months of selling.
Boeing’s stock dropped to a 2024 low of $140 in November following the company’s earnings report and outlook for 2025.
From a long-term perspective, Boeing remains in a bear market trend. The stock’s 20-month moving average is at $200, well above current prices. This, along with the current momentum for the stock, indicates that the stock is still far from trading back into the good graces of investors.
Boeing stock maintains a bearish long-term outlook with a price target of $100.
