Boeing 737 MAX test plane takes flight in China

Boeing (NYSE:BA) Co is trading up 1.51% at 235.78

A Boeing (NYSE:BA) Co 737 MAX test plane took to the skies in China on Wednesday as the U.S. manufacturer looks to end a nearly two-and-a-half-year regulatory grounding of the model in the key travel market.

Flight-tracking website Flightradar24 showed a 737 MAX 7 test plane taking off from Shanghai’s Pudong International Airport at 9:24 a.m. (0124 GMT), with no destination listed, flying in a south-easterly direction.

The flight tracking was incomplete, but photos on Chinese aviation blogs showed it landed at Zhoushan Putuoshan Airport, about 150 km (80 nautical miles) to the south, which industry sources told Reuters was the expected destination.

Boeing has a 737 MAX completion plant in Zhoushan to install interiors and paint airplane liveries.

The 737 MAX test plane had left Seattle last week and arrived in Shanghai on Aug. 7 after refuelling stops in Honolulu and Guam. Reuters reported last week it was due for its first test flight in China on Aug. 11 if all went well.

Boeing said it was continuing to work with global regulators as they complete their validation processes on the model and declined to comment specifically on the test flight in China.

On technical fronts Boeing (NYSE:BA) Co RSI stood at 56.39 and currently stock is trading above all Moving Average. So, BUY position can be taken with following target and stoploss:

TRADE SIGNAL – : Boeing (NYSE:BA) Co – BUY: 235.78, TARGET: 244.86, STOP LOSS : 225.04

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