BOEING 737 MAX MAY NOT FLY AGAIN UNTIL AUGUST, IATA SAYS; STOCK FALLS
Boeing’s stock is currently trading at 347.31-lower by 2.17% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 0.82%. The stock has continued falling after the opening bell.
The head of the IATA said earlier today that Boeing Co’s 737 MAX is unlikely to return to service before August. He also said that the final decision, however, on the timing will be taken by regulators.
IATA is planning to organize a summit before August involving regulators, airlines, and Boeing to discuss what is needed for the 737 MAX to return to service.
About two weeks ago, Boeing said it had completed a software update for its 737 Max planes and was working with the FAA to get the plane back into service.
On the technical front, the RSI is currently at 39.45% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger Bands and is heading downwards.
TRADE SUGGESTION- LIMIT SELL AT 347.15 TAKE PROFIT AT 346.15 STOP LOSS AT 347.65