Boeing shares fall the most in over a year on Monday, company may be interested in bidding for Canada fighter jets, says executive

According to a senior executive from Boeing Company (BA), the US plane maker may be interested in participating in a bid for 88 fighter jets in Canada that are worth between CAD 15 billion and CAD 19 billion. Boeing is still reviewing the matter and has to express interest in the bid until Friday this week.

Boeing shares closed lower for a second consecutive trading session on Monday. It has also been the steepest daily loss in at least one year. The stock went down 5.74% ($20.03) to $328.88, after touching an intraday low at $318.71, or a price level not seen since January 10th ($315.50).

In the week ended on February 4th the shares of the aircraft maker added 1.66% to their market value compared to a week ago, which marked a fifth consecutive period of gains.

The stock has retreated 7.19% so far during the current month, following a 20.16% surge in January. The latter has been a fifth straight monthly gain and also the largest one since July 2017.

For the entire past year, the shares of the NYSE-listed plane manufacturer rose 89.43% following another 7.67% surge in 2016.

In a response to a question whether the plane manufacturer would express interest until the specified deadline, Gene Cunningham, sales vice president at Boeing Defense and Space, said: “That is certainly a possibility…”

According to Cunningham, the company is currently negotiating possible future defense sales across Asia, including attack helicopters in Thailand and Philippines.

The executive also said that Boeing had already had preliminary discussions with another Asian country, Vietnam, after a US arms embargo was lifted in 2016.

According to CNN Money, the 22 analysts, offering 12-month forecasts regarding Boeing Company’s stock price, have a median target of $353.50, with a high estimate of $435.00 and a low estimate of $240.00. The median estimate is a 7.49% surge compared to the closing price of $328.88 on February 5th.

The same media also reported that 12 out of 25 surveyed investment analysts had rated Boeing Company’s stock as “Hold”, while 11 – as “Buy”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Boeing stock are presented as follows:

R1 – $331.75
R2 – $334.62
R3 (Range Resistance – Sell) – $337.48
R4 (Long Breakout) – $346.09
R5 (Breakout Target 1) – $356.14
R6 (Breakout Target 2) – $361.17

S1 – $326.01
S2 – $323.14
S3 (Range Support – Buy) – $320.28
S4 (Short Breakout) – $311.67
S5 (Breakout Target 1) – $301.62
S6 (Breakout Target 2) – $296.59

By using the traditional method of calculation, the weekly levels of importance for Boeing Company (BA) are presented as follows:

Central Pivot Point – $348.17
R1 – $362.19
R2 – $375.46
R3 – $389.48
R4 – $403.49

S1 – $334.90
S2 – $320.88
S3 – $307.61
S4 – $294.33