Boeing is flying in the face of its headwinds.

The stock soared 3% in the past week as the company moved to put this year's crises behind it. On Thursday, the aerospace company said it would record a $4.9 billion after-tax charge tied to the groundings of its 737 Max jets. Shares have fallen 15% since a March peak when the company's jet was involved in a second deadly crash within five months.

Boeing's multibillion-dollar charge should give the stock some more clarity, said Steve Chiavarone, portfolio manager at Federated Investors.

"Obviously the 737 Max issue is a bit of an obstacle, … but I think what was so important about the number [last week], even though it was a little bit higher than expected, is that it puts some ring fence around the scope of this problem — and it gave us some indication, maybe some certainty, about timing with deliveries that hopefully are restarting in Q4," Chiavarone said Friday on CNBC's "Trading Nation."

Bill Baruch, president of Blue Line Futures, says shares could be on their way to recovery.

"You're talking about a stock here that's taken a licking and keeps on ticking," Baruch said on the same segment. "Look at the trend line going back to 2016, and through all of this — the trade war, the 737 Max and Airbus competition — it's held this trend line."

The stock has bounced 14% from its recent low of $330 in early June. It remains nearly 30% above its December trough.

"Not only did it hold that [trend line] in December, it held $300, the psychological level, and then again recently," said Baruch. "There's good momentum now that it's back above the 50- and the 200-day moving average."

The stock broke back above its 50-day and 200-day moving averages last week. It had entered a death cross in June, a technical indicator where a short-term moving average crosses below a long-term moving average, pointing to a decelerating trend.

"There are some headwinds at $390 and $400, but $420 is my target — and this momentum looks bullish right now," said Baruch.

A move to $420 implies 11% upside. It would remain below its $444 March top.

Boeing reports earnings on Wednesday morning.

Disclosure: Federated Investors holds Boeing stock.

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