Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

According to a report by the United Arab Emirates’ news agency, WAM, the countrys General Civil Aviation Authority cannot say with certainty when the ban on Boeings globally grounded 737 MAX aircraft will be lifted.

Boeing shares closed lower for the eighth time in the past twelve trading sessions in New York on Thursday. The stock went down 1.56% ($5.62) to $354.13, after touching an intraday low at $347.43, or a price level not seen since January 14th ($347.01).

Shares of Boeing Company have surged 9.81% so far in 2019 compared with a 14.52% gain for the benchmark index, S&P 500 (SPX).

In 2018, Boeing’s stock went up 9.36%, thus, it outperformed the S&P 500, which registered a 6.24% loss.

“The GCAA (General Civil Aviation Authority) team recently participated in Joint Authorities Technical Review team meetings which has been formed to look into Flight Control System of B737-8 Max,” the regulator said in a statement, cited by Reuters.

Two months ago, Ethiopian Airlines Flight 302 crashed shortly after the jet took off in a rural region southeast of Addis Ababa, which led to the deaths of all 149 passengers and 8 crew members on board. The flight was operated on the same Boeing model, 737 MAX 8, which crashed in the Java Sea last October, killing all 189 people on board.

After the two incidents, the General Civil Aviation Authority issued a Safety Decision, prohibiting the operation of all Boeing 737 MAX models in the United Arab Emirates airspace, effective March 13th.

According to CNN Money, the 22 analysts, offering 12-month forecasts regarding Boeing Company’s stock price, have a median target of $434.50, with a high estimate of $505.00 and a low estimate of $367.00. The median estimate represents a 22.70% upside compared to the closing price of $354.13 on May 9th.

The same media also reported that 15 out of 25 surveyed investment analysts had rated Boeing Company’s stock as “Buy”, while 7 – as “Hold”.

Weekly Pivot Levels

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

Central Pivot Point – $378.35
R1 – $383.41
R2 – $390.35
R3 – $395.41
R4 – $400.46

S1 – $371.41
S2 – $366.35
S3 – $359.41
S4 – $352.46

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • United Air shares close lower on Friday, 737 MAX flights cancelled until early January, air carrier saysUnited Air shares close lower on Friday, 737 MAX flights cancelled until early January, air carrier says United Airlines Holdings Inc (UAL) announced on Friday that cancellations of Boeing 737 MAX flights would be extended until January 6th, since proposed software changes to the globally grounded jet are still extensively reviewed by […]
  • Forex Market: USD/CAD daily forecastForex Market: USD/CAD daily forecast During yesterday’s trading session USD/CAD traded within the range of 1.0858-1.0942 and closed at 1.0881.At 11:15 GMT today USD/CAD was gaining 0.11% for the day to trade at 1.0893. The pair touched a daily high at 1.0902 at 4:40 […]
  • Commodities trading outlook: crude oil and natural gas futuresCommodities trading outlook: crude oil and natural gas futures WTI was higher during midday trade in Europe today, while Brent was on level with the previous close. Investors now eye reports on US oil inventories later today and tomorrow. Meanwhile, natural gas futures were lower, as traders expect […]
  • Forex Market: USD/CAD daily trading forecastForex Market: USD/CAD daily trading forecast Yesterday’s trade saw USD/CAD within the range of 1.2471-1.2541. The pair closed at 1.2516, up 0.18% on a daily basis and marking a first gain in the past three trading days.At 9:10 GMT today USD/CAD was down 0.69% for the day to trade at […]
  • Gold rebounds on weaker dollarGold rebounds on weaker dollar Gold erased earlier daily losses and rose to positive territory as a broadly weaker greenback allowed dollar-denominated commodities to extend positions. Platinum also reversed movement, while silver and palladium trimmed prior losses.On […]
  • Forex Market: NZD/JPY trading forecast for September 14thForex Market: NZD/JPY trading forecast for September 14th Friday’s trade saw NZD/JPY within the range of 75.62-76.50. The pair closed at 76.17, gaining 0.38% on a daily basis, or the most modest daily gain since August 26th, when it appreciated 0.34%. On Wednesday the pair went up as high as 77.96, […]