Boeing shares retreat the most in three weeks on Wednesday, the 737 MAX 10X model could be delivered in 2020, says senior executive

April 13, 2017 7:41 am

According to an April 13th statement by a senior executive of Boeing Company (BA), the plane maker may be able to initiate the delivery of its 737 MAX 10X aircraft in 2020, in case airlines begin placing their orders of the jet this year.

Boeing shares registered their largest daily retreat since March 21st during Wednesday’s session. The stock went down 1.41% ($2.52) to $176.05, after touching an intraday low at $175.94, or a price level not seen since April 3rd ($175.50). In the week ended on April 9th the shares of the aircraft maker added 1.13% to their market value compared to a week ago, which marked a second consecutive period of gains and also the best performance since the week ended on March 5th. The stock has neutralized earlier advance and is now down 0.46% so far during the current month, following a 1.87% drop in March. The latter has been the first monthly loss since August 2016. For the entire past year, the shares of the NYSE-listed plane manufacturer gained 7.67%.

“We’ll determine (the delivery date) when we launch that program when the customers show the interest and they buy the airplane”, Michael Teal, 737 MAX chief project engineer and deputy program manager, said on a conference call, cited by Reuters. “Sales teams are out meeting with customers today.”

Teal did not point out at what date deliveries of the jet by 2020 would become unlikely, in case no orders were received, according to the same media.

Meanwhile, the smaller 737 MAX 9 jet finished successfully its first airport taxi test in Seattle on April 12th, while its first test flight in Seattle is scheduled for today.

Customers were to receive the first 737 MAX 9 delivery in 2018, while the first 737 MAX 8 delivery was expected in May this year, Boeing’s Teal said.

According to CNN Money, the 21 analysts, offering 12-month forecasts regarding Boeing’s stock price, have a median target of $182.00, with a high estimate of $208.00 and a low estimate of $132.00. The median estimate is a 3.38% surge compared to the closing price of $176.05 on April 12th.

The same media also reported that 10 out of 27 surveyed investment analysts had rated Boeing Company’s stock as “Hold”, and 10 – as “Buy”. 3 analysts, on the other hand, had recommended to “sell”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Boeing stock are presented as follows:

R1 – $176.26
R2 – $176.47
R3 (Range Resistance – Sell) – $176.69
R4 (Long Breakout) – $177.32
R5 (Breakout Target 1) – $178.06
R6 (Breakout Target 2) – $178.36

S1 – $175.84
S2 – $175.63
S3 (Range Support – Buy) – $175.41
S4 (Short Breakout) – $174.78
S5 (Breakout Target 1) – $174.04
S6 (Breakout Target 2) – $173.74

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

Central Pivot Point – $178.18
R1 – $180.85
R2 – $182.86
R3 – $185.53
R4 – $188.21

S1 – $176.17
S2 – $173.50
S3 – $171.49
S4 – $169.49

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