Boeing (BA - Get Report) shares are down 70 basis points to $373.95 on Tuesday, but are well off the session lows of $368.64.

Shares were under pressure on reports that the return of Boeing's 737 MAX may be delayed even longer. The 737 MAX was quickly grounded all around the world after the fatal crash on an Ethiopian Airline occurred in March. It's been waiting to go back into service as soon as Boeing can prove it is safe to fly again.

The grounding has also caused headaches with carries like Southwest Airlines (LUV - Get Report)  , whose pilots are suing Boeing because of the lost flights.

It's also one of Boeing's most popular jets, putting a crimp on its deliveries to date. To say that solving the 737 MAX dilemma is at the top of management's list is almost an understatement.

For the stock's part, Boeing shares have actually been trading pretty well. That is to say, Boeing stock is holding up over all of its major moving averages and is above prior range resistance.

Let's take a closer look at the charts.

Trading Boeing Stock

Daily chart of Boeing stock.
Daily chart of Boeing stock.

The $360 level was resistance for Boeing stock for quite some time. A look back at the chart to January shows when the stock was finally able to breakout over this mark, surging all the way to $440 in late February.

That rally was unwinding in March, but the Ethiopian Airlines news really sent shares spiraling lower. However, we can see that prior range resistance at $360 held as support, a level that remained in place until May.

The $360 level is again acting as support for Boeing stock at the moment, while also putting in a series of higher lows (blue line). Shares are also over the 20-day, 50-day, 100-day and 200-day moving averages, as well as the 50% retracement. That's a good sign for bulls. 

However, the $380 to $390 has been giving BA stock trouble, while the 61.8% retracement rests at $382.20.

Over the 61.8% and investors can look for a move up to the September highs at $391. Above it could get a move to $400 going, and over that mark, Boeing stock could fill its gap above $410.

It may be hard for Boeing stock to garner much upside momentum without the 737 MAX back in action, and as negative headlines continue to come out. However, as long as it can hold up over $356, it looks OK on the long side.

Between $356 and $360 the stock has range support, as well as the 50-day, 100-day and 200-day moving averages. Below $356 opens up Boeing to a possible test of $330 or lower.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.