Boeing shares gain for a fifth straight session on Wednesday, plane maker inks deal with VietJet for one hundred 737 MAX aircraft

A deal for one hundred 737 MAX airplanes has been signed between Boeing Company (BA) and Vietnam’s first privately owned airline, VietJet Air, as the latter seeks to respond to rising demand on high-dense local routes and popular routes throughout Asia. Estimated at approximately $13 billion at list prices, the provisional order was inked at the Farnborough International Public Airshow in England.

Boeing shares closed higher for a fifth consecutive trading session in New York on Wednesday. The stock went up 0.94% ($3.35) to $360.23, after touching an intraday high at $361.86, or a price level not seen since June 14th ($367.64).

Shares of Boeing Company have surged 22.15% so far in 2018 compared with a 5.31% gain for the underlying index, S&P 500 (SPX).

In 2017, Boeing’s stock soared 89.43%, thus, it again outperformed the S&P 500, which registered a 19.42% return.

80 of the jets ordered are of the 737 MAX 10 version, while 20 are of the 737 MAX 8 model.

Once the deal is finalized, VietJet Air is to become the largest MAX 10 customer in Asia. The airline expects to take deliveries of the passenger jets between 2022 and 2025.

“The growth is incredibly strong in Southeast Asia”, Kevin McAllister, Boeing Commercial Airplanes CEO, was quoted as saying by Reuters. “VietJet is a major player there”, he added.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Boeing Company’s stock price, have a median target of $400.00, with a high estimate of $500.00 and a low estimate of $309.00. The median estimate represents an 11.04% upside compared to the closing price of $360.23 on July 18th.

The same media also reported that 14 out of 25 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 – $360.93
R2 – $361.62
R3 (Range Resistance – Sell) – $362.32
R4 (Long Breakout) – $364.41
R5 (Breakout Target 1) – $366.85
R6 (Breakout Target 2) – $367.96

S1 – $359.53
S2 – $358.84
S3 (Range Support – Buy) – $358.14
S4 (Short Breakout) – $356.05
S5 (Breakout Target 1) – $353.61
S6 (Breakout Target 2) – $352.50

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

Central Pivot Point – $346.18
R1 – $355.85
R2 – $360.91
R3 – $370.58
R4 – $380.25

S1 – $341.12
S2 – $331.45
S3 – $326.39
S4 – $321.33