Boeing shares gain the most in three weeks on Friday, FAA approves new foldable wingtips for company’s 777 jets

According to a report by Reuters on Friday, the US Federal Aviation Administration has approved Boeings new foldable wingtips, which are expected to be incorporated in the companys 777-8 and 777-9 aircraft.

Boeing shares closed higher for a second consecutive trading session on Friday. It has also been the sharpest daily surge since April 25th. The stock went up 2.06% ($7.09) to $351.23, after touching an intraday high at $352.05, or a price level not seen since March 12th ($355.23).

In the week ended on May 20th the shares of the aircraft maker added 2.56% to their market value compared to a week ago, which marked a second consecutive period of gains. It has also been the best performance since the week ended on April 22nd.

The stock has extended its advance to 5.30% so far during the current month, following a 1.73% surge in April. The latter has been the seventh gain out of eight months.

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

According to Boeing, the new design is to allow the larger wings to be fitted into the standard-sized airport parking space.

The innovation is also expected to trim the jets wingspan from 235 feet to 212 feet, when folded during operations on the ground, the plane maker said.

According to CNN Money, the 24 analysts, offering 12-month forecasts regarding Boeing Company’s stock price, have a median target of $401.00, with a high estimate of $500.00 and a low estimate of $289.00. The median estimate is a 14.17% surge compared to the closing price of $351.23 on May 18th.

The same media also reported that 17 out of 28 surveyed investment analysts had rated Boeing Company’s stock as “Buy”, while 8 – 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 – $351.86
R2 – $352.49
R3 (Range Resistance – Sell) – $353.12
R4 (Long Breakout) – $355.00
R5 (Breakout Target 1) – $357.21
R6 (Breakout Target 2) – $358.21

S1 – $350.60
S2 – $349.97
S3 (Range Support – Buy) – $349.34
S4 (Short Breakout) – $347.46
S5 (Breakout Target 1) – $345.25
S6 (Breakout Target 2) – $344.25

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

Central Pivot Point – $347.84
R1 – $355.44
R2 – $359.64
R3 – $367.24
R4 – $374.83

S1 – $343.64
S2 – $336.04
S3 – $331.84
S4 – $327.63