The FAA is out saying:
- Every Boeing 737 Max 9 with plug door will remain grounded until agency finds each can safely return to service
- Boeing is revising initial version of instructions for 737 Max 9 inspections and maintenance.
- FAA says after it receives a revised version of Boeing 737 Max 9 instructions, it will conduct a thorough review.
Boeing shares are down -3 dollars or -1.31% at $225.57. The price low today breaks $223.14. That got close to the 50% midpoint of the move up from the October low at $221.67. Yesterday the price gapped below its 200 hour moving average which is currently at $247.18. Its broken 38.2% retracement of the same move higher comes in at $232.42 (see chart below). It would take moves about each to give the buyers more confidence. Absent that and the sellers remain more in control.
Looking at the daily chart, the 100 and 200-day moving averages come in at $214. A break below the 50% midpoint at $221.67 would open the door for a move toward those moving average levels.
