Boeing could be at the beginning of a breakout. The beaten-down stock closed Monday at its highest level in a week after another recent tumble. The gains followed the firing of Dennis Muilenburg as CEO as the nation’s largest manufacturing export struggles to emerge from the worldwide grounding of its 737 Max following two deadly crashes.

Nancy Tengler, chief investment officer at Laffer Tengler Management, says this is the turning point the stock needed.

“Though Boeing has been a laggard, we actually think this is an interesting time for investors to take a fresh look because management does matter at the end of the day, and Muilenburg was not doing a good job of communicating and even managing the entire crisis. So we’re encouraged by the announcements made today,” Tengler said Monday on CNBC’s “Trading Nation.”

David Calhoun has been brought in as the new CEO, effective January, after being brought on as chairman in October. Longtime airline executive Larry Kellner will replace him as chairman. Tengler says that C-suite shuffle should allow the company to deal with and move beyond this crisis.

Last week, “we were talking about this stock, and I said you know you’ll be happy you own it three years from now,” said Tengler. “That time frame just contracted. … We are putting fresh money to work. We had started a couple of weeks ago, and we will continue to add,” said Tengler.

Not everyone is sold on the turnaround.

Mark Newton, founder of Newton Advisors, says Boeing could take more time before getting back into gear. He notes that the stock became so overbought at the beginning of 2018 that it might take time for investors to get back in. Its relative strength, a momentum measure, spiked to 91 in January 2018 — any reading above 70 typically suggests overbought conditions.

Boeing has fallen 24% from a March record high. At the worst of its losses, it was down nearly 30%.

SOURCE: CNBC Trading Nation