Boeing share price: Shares of aircraft manufacturer Boeing will likely hog the limelight in trade on Thursday, September 11, amid reports that US defence officials, along with Boeing executives, are slated to visit India next week.
A Bloomberg report today stated that a team from the US Defence Department and Boeing Co. executives are expected to visit India next week to negotiate the sale of about $4 billion of surveillance aircraft.
The development comes amid attempts by the US and India to revive trade talks after they floundered last month.
India-US defence deal on cards
According to the Bloomberg report, India will discuss the purchase of six P-81 naval patrol aircraft. The deal was cleared in 2019, but negotiations stalled, according to the report.
Earlier, India had purchased eight P-81a in a $2.2 billion deal in 2009 and another four a year later. The fleet is used extensively to patrol the Indian Ocean region and maritime choke points and is based out of Tamil Nadu.
Boeing share price trend
Following this report, Boeing share price was trading marginally higher in the pre-market deals, rising 0.18% to $227.94 and on course to snap its two-day losing run.
However, so far in September, Boeing stock is down 3% as investors seem to be taking profits off the table following a 5-month rally during which the 787 Dreamliner maker has jumped 33%.
In the last one year, Boeing shares have soared 42%, with its 52-week high at $242.69 and 52-week low at $128.88.
Meanwhile, on the technical charts, Boeing is signalling a neutral-to-bullish outlook, with a major test at $270.
The stock has been stuck in a range since its post-COVID surge, with a key resistance at $270, which has capped upward moves. This level marks a major technical barrier, and it will act as a critical point for any future directional movement, opined Harshal Dasani, Business Head at INVAsset PMS.
“The recent price action has been consolidating near $227.52, close to the 50-day exponential moving average (EMA) at $228.18, indicating short-term support. The 200-day EMA stands at $188.99, confirming the long-term bullish trend but highlighting potential vulnerability if the stock dips below recent support levels,” Dasani added.
A break above this level would confirm a continuation of the uptrend, while failure to hold above $222 could signal further downside, believes the expert. For now, he sees Boeing stock in a wait-and-see phase, with the next move hinging on a break above key resistance.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
