Boeing Co. (NYSE:BA) stock fell Monday following reports that the aircraft maker identified a software glitch affecting its 737 MAX jets.
Boeing 737 MAX Software GlitchAccording to the report, the issue stems from a cockpit software update. Meanwhile, broader markets traded lower Monday.
Technical AnalysisBoeing remains below its major moving averages. The 20-day SMA also remains below the 50-day SMA.
In addition, the 50-day SMA crossed below the 200-day SMA in September. ”Momentum also remains weak.
The MACD is below its signal line, while the histogram is negative. 50, close to the 50-day exponential moving average.
50. Jefferies maintained a Buy rating on Sept.
21 but lowered its price forecast to $265. Bank of America maintained a Buy rating and a $270 price forecast on Sept.
18. Argus Research upgraded BA to Buy on Aug.
The weak Momentum score reflects the stock’s recent underperformance and position below key moving averages. Boeing ETF ExposureBoeing is a major holding in several aerospace and defense ETFs.
17% weighting in Boeing. S.
