Boeing shares touch a fresh all-time high on Monday, company to own 51% in joint venture with Brazil’s Embraer

According to a report by Lauro Jardim, O Globo newspaper columnist, over the weekend, Boeing Company (BA) is to own 51% in a joint venture with Brazils plane maker Embraer.

Boeing shares closed higher for a third consecutive trading session on Monday. It has also been the sharpest daily surge since February 15th. The stock went up 1.91% ($6.82) to $363.48, after touching an intraday high at $364.00 and also a fresh all-time high.

In the week ended on February 25th the shares of the aircraft maker added 0.46% to their market value compared to a week ago, which marked a second consecutive period of gains. Yet, it has been the smallest increase since the week ended on January 21st.

The stock has extended its advance to 2.57% 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 maker soared 89.43% following another 7.67% surge in 2016.

Earlier in February, Reuters reported that Boeing had sought the approval of Brazils government in regard to its partnership with the domestic aircraft maker. The arrangement would establish a new entity with a major focus on commercial aviation, while Embraer’s defense unit would be excluded.

The US plane maker had previously intended to acquire Embraer, but the Brazilian government rejected the offer, as it was not willing to allow an overseas entity to gain control of the local companys defense unit due to security reasons.

Brazils government has a “golden share” in Embraer, which empowers it to have influence on strategic decisions.

According to Reuters, a potential deal would grant Boeing a leading position in the smaller passenger jet market and would also lead to more intense competition for Bombardiers CSeries aircraft program, which is supported by Boeings rival Airbus SE.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Boeing Company’s stock price, have a median target of $395.00, with a high estimate of $470.00 and a low estimate of $240.00. The median estimate is an 8.67% surge compared to the closing price of $363.48 on February 26th.

The same media also reported that 12 out of 25 surveyed investment analysts had rated Boeing Company’s stock as “Buy”, while 10 – as “Hold”.

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 – $364.01
R2 – $364.54
R3 (Range Resistance – Sell) – $365.07
R4 (Long Breakout) – $366.66
R5 (Breakout Target 1) – $368.52
R6 (Breakout Target 2) – $369.36

S1 – $362.95
S2 – $362.42
S3 (Range Support – Buy) – $361.89
S4 (Short Breakout) – $360.30
S5 (Breakout Target 1) – $358.44
S6 (Breakout Target 2) – $357.60

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

Central Pivot Point – $356.29
R1 – $361.18
R2 – $365.70
R3 – $370.59
R4 – $375.48

S1 – $351.77
S2 – $346.88
S3 – $342.36
S4 – $337.84