Boeing (BA) - Get Boeing Company Report is dragging on the Dow Jones Industrial Average on Thursday but is trading pretty well given the news that the Federal Aviation Administration found a "potential risk" in the 737 MAX.

The issue was flagged during a simulator test and is something Boeing must fix before it can get the fleet back up and running.

Already, we've seen airlines react to the news. Southwest (LUV) - Get Southwest Airlines Co. Report  -- the largest operator of Boeing's 737 MAX -- extended its suspension of the jet to Oct. 1 from Sept. 2. United Airlines (UAL) - Get United Airlines Holdings, Inc. Report pulled its summer flights on the 737 MAX as well. 

At this point, the risk is that the fleet will remain grounded for longer than expected and that the lack of new orders will persist. It's worth noting that the 737 MAX was Boeing's best-selling jet.

Given all of this news, one might expect Boeing stock to be under more pressure. Surprisingly though, major support continues to hold up in the face of more negative headlines. 

It wasn't a guarantee that this would be the case coming into Thursday's trading session. At the start of premarket trading, Boeing stock gapped below major support at $360 and was lower by more than 4%. At last check, the stock was down 2.45% to $365.76.

Let's get a look at this support level we keep referencing:

Trading Boeing Stock

Daily chart of Boeing stock.

Boeing stock definitely isn't out of the woods yet. It's having trouble maintaining upside momentum when buyers emerge and it very well could continue to struggle until the company resolves its 737 MAX issues. 

On the plus side though, the stock is trading relatively well given the situation. That's creating a low-risk trading opportunity for bulls.

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Not only is $360 former range resistance for Boeing, it's also where its major moving averages reside. Its 20-day, 50-day and 200-day moving averages are all between $360.16 and $362.13.

Even before its moving averages converged in on this area, we saw how vital $360 was. It buoyed BA stock throughout March and April after news of the 737 MAX hit. When it finally gave way in May, it then acted resistance. The hope now is that it will again act as support with Boeing back above it.

That helps create the low-risk setup for bulls. Above $360 and BA stock is OK on the long side. Below $360 and it's not. Bulls can use Thursday's premarket low of $359.01 as their stop-loss, allowing them to risk just 1.6% on the downside.

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Flying Into the Future: A Boeing Timeline

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