As if the mess Boeing got itself into regarding the 737 MAX was not enough, the company was sued on Tuesday, accused of defrauding shareholders by concealing safety deficiencies in the 737 MAX. This is just one of the multiple court cases Boeing is due to face, given that victims’ families have also sued the company, with a criminal investigation also ongoing. Legal experts comment that the Ethiopia Air crash could prove even more damaging for the company as the manufacturer should have been warned by the Lion Air disaster and its planes should have been fixed.
The company’s shares closed around $368 yesterday, stabilizing at that level in the last few hours, following a large drop in the open, starting the trading day at $377, 4.5% down from the previous close at $391. The Support level is close, at 367, even though the important Support level is at 361. Indicators are showing signs of stabilization at that level. In the daily timeframe, Support and Resistance levels remain the same, while the MACD and Stochastics are both supportive of a downwards movement.
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Dr Nektarios Michail
Market Analyst
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