Boeing Charting A Quiet Comeback? Aircraft Maker Bags Five Major Contracts In Last 10 Days: Here's What Its Chart Shows

Boeing Co. BA expanded its order pipeline after bagging five major deals over the last 10 days. While its short and medium-term price trend remains strong, here’s more on the company’s technical analysis.

What Happened: Here are the five orders bagged by Boeing from March 21 to March 30.

Malaysia Aviation Group:

Ordered 30 Boeing 737 MAX aircraft (18 737-8 jets and 12 737-10 jets) with options for 30 more. This order is to modernize Malaysia Airlines’ single-aisle fleet and enhance passenger experience in Southeast Asia.

Japan Airlines:

Ordered 17 additional Boeing 737-8s to refresh their domestic fleet. This order nearly doubles JAL’s 737 MAX backlog.

Korean Air:

Finalized an order for up to 50 widebody aircraft, including 20 each of 777-9 jets, and 787-10 jets, and options for 10 more 787 Dreamliners. This is Korean Air’s largest Boeing order, supporting their post-merger transformation.

U.S. Army Special Operations Aviation Command:

Ordered five additional Boeing MH-47G Block II Chinook helicopters. This contract brings the total MH-47G Block II aircraft under contract to 51, supporting the modernization of the Army’s fleet.

BOC Aviation:

Ordered 50 Boeing 737-8 jets to support global airlines. This expands BOC Aviation’s 737 MAX portfolio and supports the growing demand for narrowbody aircraft.

Why It Matters: Technical analysis of the simple moving averages on Benzinga Pro shows that Boeing’s stock, which ended at $170.55 apiece as of Monday, was below its eight and 50-day moving averages. Whereas it had a near-term support at its 50-day moving average of $167.02 and 200-day moving average of $167.67.

The relative strength index of 48.92 signaled that the stock was in a neutral zone, while its MACD momentum indicator displayed a bullish trend. Its 12-day exponential moving average was above the 26-day EMA, thus indicating a positive momentum in the near-term.

Boeing’s stock fell sharply in 2024 due to safety concerns from a 737 MAX incident, production halts from labor disputes, 777X delays, and defense contract losses, all resulting in delivery shortfalls and financial strain.

Price Action: Boeing fell 0.33% in premarket on Tuesday, whereas SPDR S&P 500 ETF Trust SPY, tracking the S&P 500 index, declined 0.066% to $559.02.

BA was down 0.77% on a year-to-date basis and 10.00% lower over a year.

Benzinga Edge Stock Rankings indicate Boeing has positive medium and long-term price trends, contrasted by a weak short-term outlook. Momentum ranking is solid at the 67.79th percentile, but value and growth rankings are lower. Further fundamental details and the value and growth rankings are available here.

Benzinga’s analysis of 22 analysts shows a consensus “hold” rating for the stock, with an average price target of $201.63, ranging from $113 to $260. Recent ratings from Wells Fargo, Citigroup, and JPMorgan average $174.33, suggesting a 2.55% potential upside.