Boeing stock surges following upbeat news from China

Boeing (BA.US) shares rose 8% on Wednesday after Reuters reported that airline China Southern conducted test flights with Boeing’s 737 Max jet for the first time since March. Some analysts treat this as a sign that this model could be nearing its long-awaited return to the key China market as demand rebounds. The jet's return to service was delayed by the impact of an unrelated incident in March, when a Boeing-made 737-800 passenger jet owned by China's Eastern Airlines crashed and killed 132 persons. 

Boeing (BA.US) stock launched today's session higher and broke above major resistance at $130.00, which coincides with 78.6% Fibonacci retracement of the upward wave launched back in March 2020. Source: xStation5