Boeing's Battle With 200 - Is The Sky's Limit On The Horizon Or Is There Turbulence Looming Ahead?

• Boeing's recent 737 Max issues led to a swift 6.6% stock price decline.
• Despite the setback, Boeing's stock has gained over 3% year-to-date.

Boeing Co BA multinational corporation has had a turbulent month following issues with their 737 Max planes.

The market reacted swiftly, with the stock experiencing a gap down of over 5% on the day the issues were made known to the public. This has since resulted in a 6.6% decline in their stock price.

However, despite this setback, Boeing's stock price currently registers a gain of over 3% for the year.

The stock's initially robust performance gave investors hope for a long-term bullish trend after the price climbed from the 2022 low of $113 to a promising high of $221 in February 2023.

The stock has now become stagnant since its peak, remaining within a trading range of $192 to $221.

Even with the negative impact of the 737 Max plane faults on the stock, the price hasn't been able to break free from this trading range.

At the end of the recent trading day, the price settled just a dollar below the significant psychological threshold of $200.

This level has helped to hold the price up so far, so the question is, will it continue to hold?

If $200 fails to keep the price from falling, then there is always the consolidation low at $192, which has been holding strong for the past couple of months.

In the event that the current support level is breached, the daily 200 simple moving average below price could offer further support.

On the other hand, the weekly 200 simple moving average may serve as resistance above the current price should the stock rise.

Successfully navigating through these uncertain times will demand a substantial amount of momentum.

Whether the price decides to move up or down, it must overcome a series of obstacles that stand in the way.

After the closing bell on Wednesday, May 24, the stock closed at $199.27, trading down by 1.64%.