BOEING DIVES AFTER PROBE REPORT INTO FAA APPROVAL OF 737 MAX
Boeing stocks are currently trading at 370.29-lower by 2.21% as compared to the previous closing price.
Boeing Co. stocks fell today after The Wall Street Journal reported that the Department of Transportation and federal prosecutors were scrutinizing the development of the company’s 737 Max planes.
The report also disclosed that the U.S. Transportation Department was probing the Federal Aviation Administration’s approval of the 737 MAX and in particular its anti-stall (MCAS) system. This comes after an Ethiopian Airlines flight involving the 737 Max 8 jet crashed last week.
The Seattle Times separately reported that Boeing’s safety analysis of a new flight control system on 737 MAX jets had several crucial faults.
The U.S. Transportation Department’s inquiry, which was launched in the wake of the accident in October that killed 189 people, has warned two FAA offices to safeguard computer files, the WSJ reported.
On the technical front, the RSI is currently at 31.6% 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 371 TAKE PROFIT AT 367 STOP LOSS AT 373