The aerospace giant Boeing (NYSE: BA) shares gained around 8% during the previous week. The stock surged another 2% on Monday and continues 6th-week upside move. During the first quarter of 2020, the Boeing shares sank due to the coronavirus pandemic.
At the beginning of November, the $BA stock gained upside momentum after the Federal Aviation Administration lifted the grounding of the 737 MAX aircraft that was implemented in March 2019 following two deadly crashes that killed 346 people. Now Boeing awaits clearance from several other aviation regulators worldwide, including European authorities.
On the other hand, the Airline stocks received additional support after the encouraging news on coronavirus vaccine from Pfizer and Moderna. Last week, the regulators in the United Kingdom have approved Pfizer’s vaccine for use.
Considering the recent recovery of Boeing shares, the long-term view of the stock depends upon on the demand for the new aircraft and second stimulus package from the U.S. government. On the positive side, European discounter Ryanair is reportedly eyeing an order for 75 additional 737 MAX planes, this is by far the biggest order for the 737 Max since the two accidents at Lion Air and Ethiopian.
Boeing (BA) technical outlook
The $BA currently supported at $140 and the resistance around $300. The Boeing shares have added more than 65% since November 1st. The stock closed on Monday at $238. In the short term if the stock holds above $240 the next upside target at $290. On the other side, if the price break and close below $220, the next immediate support to watch $208 and then $200.