According to a report by Reuters, citing sources with knowledge of the matter, Boeing Co intends to deploy a software upgrade to its 737 MAX fleet in 7 to 10 days.
Boeing shares closed higher for the second time in the past ten trading sessions in New York on Friday. It has also been the sharpest daily surge since February 27th. The stock went up 1.52% ($5.69) to $378.99, after touching an intraday high at $385.71, or a price level not seen since March 12th ($390.00).
Shares of Boeing Company have surged 17.52% so far in 2019 compared with a 12.59% gain for the benchmark index, S&P 500 (SPX).
In 2018, Boeing’s stock went up 9.36%, thus, it again outperformed the S&P 500, which registered a 6.24% loss.
On March 10th 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.
Similarities between the flight path in the Ethiopian Airlines incident and the Lion Air crash in Indonesia have once again put the 737 MAX anti-stall systems into question. However, according to Reuters, no evidence has so far emerged to point if the same software may again be a potential issue.
According to CNN Money, the 21 analysts, offering 12-month forecasts regarding Boeing Company’s stock price, have a median target of $453.00, with a high estimate of $525.00 and a low estimate of $380.00. The median estimate represents a 19.53% upside compared to the closing price of $378.99 on March 15th.
The same media also reported that 18 out of 24 surveyed investment analysts had rated Boeing Company’s stock as “Buy”, while 3 – 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 – $381.66
R1 – $400.00
R2 – $421.00
R3 – $439.34
R4 – $457.67
S1 – $360.66
S2 – $342.32
S3 – $321.32
S4 – $300.31
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
