BOEING STOCKS PLUNGE AFTER 737 MAX 8 JET CRASHED
Boeing stocks are currently trading at 395.02-lower by 6.51% as compared to the previous closing price.
The stock fell after an Ethiopian Airlines flight crashed on Sunday, killing all 157 people on board. The plane used for the flight was a 737 MAX 8 jet, one of Boeing’s top-selling airplanes. The crash raised worries about the model’s safety as it comes less than six months after another deadly crash involving the 737 MAX 8. Several countries, including China and Indonesia, have grounded all flights involving the aircraft.
The company issued a statement saying it is investigating but currently does not plan to issue any new guidance to operators.
On the technical front, the current price is below the MA5. The current price is below the lower band of the Bollinger Bands and is heading downwards. The RSI is currently at 38.01% and suggests that the market can move in the downward direction.
TRADE SUGGESTION- LIMIT SELL AT 396 TAKE PROFIT AT 392 STOP LOSS AT 398