Boeing shares gain for a second straight session on Tuesday, company registers zero new orders during Paris Air Show’s first day

During the first day of the Paris Air Show, Boeing Co (BA) did not register any new plane orders, CNBC reported. On the other hand, according to the aviation consulting company IBA.iQ, Boeing’s European rival, Airbus, registered orders and options for 123 aircraft.

Boeing shares closed higher for a second consecutive trading session in New York on Tuesday. It has also been the sharpest daily surge since January 30th. The stock went up 5.37% ($19.06) to $373.96, after touching an intraday high at $374.65, or a price level not seen since May 3rd ($377.90).

Shares of Boeing Company have surged 16.01% so far in 2019 compared with a 16.39% 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.

Boeings Chief Executive Officer Dennis Muilenburg told CNBC that the current air show would not be about new orders. Instead, he considered the event as an opportunity to reassure Boeings clients and suppliers that progress is being made towards getting the companys 737 MAX back to service.

Meanwhile, on Monday morning Airbus introduced its new A321XLR narrow-body jet.

Air Lease Corporation was reported to have placed an order for 100 Airbus aircraft, including 27 A321XLRs, for a total amount of $11 billion.

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 $500.00 and a low estimate of $367.00. The median estimate represents a 16.06% upside compared to the closing price of $373.96 on June 18th.

The same media also reported that 13 out of 23 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 – $349.12
R1 – $355.44
R2 – $363.72
R3 – $370.04
R4 – $376.36

S1 – $340.84
S2 – $334.52
S3 – $326.24
S4 – $317.96