Boeing shares fall for a third session in a row on Friday, company expects stable Gulf demand

November 13, 2017 10:38 am

During the Dubai Airshow this weekend Boeing representatives sought to ease concerns over slowing growth of airlines in the Gulf and also played down the impact of rising political tensions in the area.

Boeing shares closed lower for a third consecutive trading session on Friday. The stock went down 0.70% ($1.85) to $260.85, with the intraday high and the intraday low being at $262.50 and $259.60.

In the week ended on November 12th the shares of the aircraft maker lost 0.34% of their market value compared to a week ago, which marked the second drop out of six weeks. Yet, it has been the smallest retreat since the week ended on June 11th.

The stock has pared its advance to 1.11% so far during the current month, following a 1.48% surge in October. The latter has been a second straight month of gains.

For the entire past year, the shares of the NYSE-listed plane manufacturer gained 7.67%. The stock has risen another 67.56% so far in 2017.

“Traffic is coming back and yields are improving and this is going to be a very positive backdrop to the Dubai Airshow”, Marty Bentrott, vice president for Boeing’s commercial sales in the Middle East, told reporters during the showcase event, cited by Reuters.

According to Bentrott, the US plane manufacturer has been asked to re-schedule some of its deliveries in accordance with a normal pattern, while no cancellations have been observed since an earlier reported dispute between Qatar and other nations in the region.

According to CNN Money, the 24 analysts, offering 12-month forecasts regarding Boeing Company’s stock price, have a median target of $287.50, with a high estimate of $350.00 and a low estimate of $203.00. The median estimate is a 10.22% surge compared to the closing price of $260.85 on November 10th.

The same media also reported that 14 out of 28 surveyed investment analysts had rated Boeing Company’s stock as “Hold”, while 12 – as “Buy”.

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 – $261.12
R2 – $261.38
R3 (Range Resistance – Sell) – $261.65
R4 (Long Breakout) – $262.45
R5 (Breakout Target 1) – $263.38
R6 (Breakout Target 2) – $263.76

S1 – $260.58
S2 – $260.32
S3 (Range Support – Buy) – $260.05
S4 (Short Breakout) – $259.26
S5 (Breakout Target 1) – $258.32
S6 (Breakout Target 2) – $257.94

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

Central Pivot Point – $262.68
R1 – $265.79
R2 – $270.74
R3 – $273.85
R4 – $276.97

S1 – $257.73
S2 – $254.62
S3 – $249.67
S4 – $244.73

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