Boeing shares rebound on Friday, company’s 737 Max 7 narrowbody jet makes its first flight

Boeings 138-seat 737 MAX 7 jet reportedly initiated its first flight on March 16th, which marked the beginning of several months of trials before the plane enters service in 2019. The jet took off in favorable weather conditions near Seattle at 17:17 GMT on Friday, while its flight over Washington state was expected to last approximately three hours.

Boeing shares closed higher for the first time in the past five trading sessions on Friday. The stock edged up 0.15% ($0.49) to $330.47, with the intraday high and the intraday low being at $330.83 and $325.67 respectively.

In the week ended on March 18th the shares of the aircraft maker lost 6.78% of their market value compared to a week ago, which marked the third drop out of eleven weeks. It has also been the worst performance since the week ended on February 14th 2016.

The stock has pared its loss to 8.76% so far during the current month, following a 2.21% surge in February. The latter has been a sixth straight month of gains.

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

Designed for hot and high conditions as well as farther destinations, the 737 MAX 7 is the third and the smallest jet among the companys 737 MAX line-up.

According to Reuters, the majority of experts see rather limited demand for such types of planes, including 737 MAX 7s rival A319neo by Airbus, because airlines focus has shifted to higher-capacity aircraft in an attempt to respond to customer demand for travel.

The media also said that Boeing had refused to specify the number of 737 MAX 7s already sold. The plane maker usually does not break down its sales of 737 MAX jets by version.

However, Boeing disclosed eight customers with 737 MAX 7 orders, including Westjet Airlines Ltd and Southwest Airlines Co.

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 a 19.53% surge compared to the closing price of $330.47 on March 16th.

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 – $330.94
R2 – $331.42
R3 (Range Resistance – Sell) – $331.89
R4 (Long Breakout) – $333.31
R5 (Breakout Target 1) – $334.97
R6 (Breakout Target 2) – $335.71

S1 – $330.00
S2 – $329.52
S3 (Range Support – Buy) – $329.05
S4 (Short Breakout) – $327.63
S5 (Breakout Target 1) – $325.97
S6 (Breakout Target 2) – $325.23

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

Central Pivot Point – $336.00
R1 – $349.70
R2 – $368.93
R3 – $382.63
R4 – $396.33

S1 – $316.77
S2 – $303.07
S3 – $283.84
S4 – $264.61