Boeing shares close lower on Wednesday, the 737 MAX 10X model supported by airlines, the plane maker says

On March 8th Boeing Company (BA) said that its 737 MAX 10X jet had received support from a number of airlines and had also awoken interest among part suppliers in an attempt to suppress recent criticism at an industry conference in San Diego.

Boeing shares closed lower on Wednesday, while marking their fourth loss in the past five trading sessions. The stock edged down 0.15% ($0.28) to $181.74, with the intraday high and the intraday low being at $182.69 and $181.49 respectively. In the week ended on March 5th the shares of the plane maker added 2.67% to their market value compared to a week ago, which marked a fourth consecutive period of gains. The stock has pared its advance to 0.84% so far during the current month, following a 10.29% surge in February. The latter has been a sixth straight month of gains and also the best monthly performance since October 2015. For the entire past year, the shares of the NYSE-listed aircraft manufacturer gained 7.67%.

“Im frankly bullish on the airplane”, Keith Leverkuhn, the vice president and general manager of the 737 MAX program, said in support of the MAX 10X jet, cited by Reuters. “The conference down south at ISTAT was important,” Leverkuhn added in a reference to the International Society of Transport Aircraft Trading event, which was concluded on March 7th. However, “were listening to customers around the globe…many of whom have expressed enthusiasm for it.”

The remarks reflected the plane makers confidence to introduce a fifth model to its renovated 737 product line, regardless of concerns by some leasing companies that the jet may turn out to be not that appealing.

Leverkuhn also noted that suppliers were already interested in providing components for Boeings MAX 10X jet. Because of its length, the plane would require taller landing gear. The programs vice president explained that the MAX 10X would be a 66-inch stretch of the MAX 9 model, allowing for the addition of 12 seats.

The jet is expected to reach clients in 2020.

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 – $181.85
R2 – $181.96
R3 (Range Resistance – Sell) – $182.07
R4 (Long Breakout) – $182.40
R5 (Breakout Target 1) – $182.79
R6 (Breakout Target 2) – $182.94

S1 – $181.63
S2 – $181.52
S3 (Range Support – Buy) – $181.41
S4 (Short Breakout) – $181.08
S5 (Breakout Target 1) – $180.69
S6 (Breakout Target 2) – $180.54

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

Central Pivot Point – $181.81
R1 – $186.08
R2 – $189.97
R3 – $194.24
R4 – $198.50

S1 – $177.92
S2 – $173.65
S3 – $169.76
S4 – $165.86