• The S&P 500 has surged to a high of 3002 before it pull-backed slightly at the close to 2993. However, a key U.S. stock, Boeing has gone against the broad-based market bullish momentum where it has ended yesterday U.S. session with a loss of -0.22%.
• From a technical analysis perspective, its price action is still capped below by a descending trendline in place since 05 Apr 2019 high. In addition, momentum remains negative as indicated by the daily RSI oscillator.
• Therefore, Boeing faces the risk of a further push down to retest the recent Jun 2019 swing low area of 333.25 with the key medium-term resistance to watch at 375.40.
• A daily close below 333.25 is likely to trigger a multi-week down move to target the major support of 296.60.
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