Boeing shares are down almost 8% in pre-market trading after the FAA ordered temporary grounding of some 737 MAX 9 jets on Friday evening

Taking a look at Boeing as it has opened almost 8% down in pre-market trading. The Federal Aviation Administration ordered the temporary grounding of some Boeing 737 MAX 9 jets fitted with a panel that blew off a jet in midair on Friday evening. Its shares are now trading at around $229.85 a share. Applying the moving averages to the chart, we can see that the price has opened just above the 50-day moving average, it is now trying to stay above it after the increased selling pressure. The support of the 50-day MA reads $226.80. A break and close below this support could then see a further slide towards the 100-day MA, which currently reads $215.18. It would be unreliable to point out any resistance areas at this moment in time. Today’s pre-market opening has created a gap in the stock so this week will be important in order to see how the stock’s price will react to this news. Looking at the technical indicators, the MACD is now strongly negative and so is the RSI as it reads 36.