Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

It may take time until August before Boeing Cos 737 MAX is put again in service, the head of the International Air Transport Association (IATA) said on Wednesday.

Boeing shares closed lower for a second consecutive trading session in New York on Wednesday. It has also been the steepest daily loss since May 13th. The stock went down 1.71% ($6.08) to $348.80, after touching an intraday low at $345.98, or a price level not seen since May 23rd ($341.15).

Shares of Boeing Company have surged 8.16% so far in 2019 compared with an 11.02% 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.

“We do not expect something before 10 to 12 weeks in re-entry into service,” IATA Director General Alexandre de Juniac told reporters in Seoul, cited by Reuters.

“But it is not in our hands. That is in the hands of regulators,” de Juniac added.

The IATA head also said that the airline group intended to organize a meeting with Boeing Co, regulators and air carriers in five to seven weeks to discuss the measures required for the 737 MAX to be in operation again.

Last week during the IATA meeting for 737 MAX operators in Montreal, airline members spoke in favor of a closer cooperation between regulators on the decision for the aircrafts return to service.

Also last week, representatives of the Federal Aviation Administration (FAA) told members of the United Nations’ aviation agency that the US regulator anticipated to approve the grounded 737 MAX to return to service as soon as late June.

According to CNN Money, the 21 analysts, offering 12-month forecasts regarding Boeing Company’s stock price, have a median target of $434.00, with a high estimate of $505.00 and a low estimate of $367.00. The median estimate represents a 24.43% upside compared to the closing price of $348.80 on May 29th.

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”.

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 – $352.48
R1 – $363.81
R2 – $372.72
R3 – $384.05
R4 – $395.38

S1 – $343.57
S2 – $332.24
S3 – $323.33
S4 – $314.42

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

  • GBP/USD off daily lows as US unemployment rate unexpectedly rises in JulyGBP/USD off daily lows as US unemployment rate unexpectedly rises in July British pound bounced from daily lows against the US dollar on Friday, after non-farm payrolls in the United States increased less than anticipated and the rate of unemployment climbed in July. The sterling came under selling pressure earlier […]
  • Clearwater Paper announces new CFO appointmentClearwater Paper announces new CFO appointment Clearwater Paper Corp said on Tuesday that it had appointed Sherri Baker as its next Senior Vice President and Chief Financial Officer, effective August 14th.In her last two roles, Baker served as CFO at PGT Innovations and at Hyliion […]
  • Forex Market: USD/CHF daily forecastForex Market: USD/CHF daily forecast During Friday’s trading session USD/CHF traded within the range of 0.9041-0.9096 and closed at 0.9054, losing 0.36% for the day.At 6:55 GMT today USD/CHF was adding 0.08% for the day to trade at 0.9061. The pair touched a daily high at […]
  • UK economy registers zero growth in Q3, GBP at 1-week lowUK economy registers zero growth in Q3, GBP at 1-week low UK's economy has stalled during the third quarter of 2023, preliminary data showed on Friday.The nation's Gross Domestic Product recorded zero growth quarter-on-quarter, which has been the weakest performance since Q3 of 2022. Still, […]
  • Forex Market: EUR/NZD daily forecastForex Market: EUR/NZD daily forecast During Friday’s trading session EUR/NZD traded within the range of 1.5727-1.5829 and closed at 1.5779.At 8:02 GMT today EUR/NZD was adding 0.06% for the day to trade at 1.5780. The pair touched a daily high at 1.5788 at 6:25 […]
  • NZD/USD on five-week highs after RBNZ rate decisionNZD/USD on five-week highs after RBNZ rate decision New Zealand dollar received a boost against its US counterpart on Thursday, reaching five-week highs, after Reserve Bank of New Zealand introduced no change in the base interest rate. However, good recent US housing data still supported the […]