Boeing shares gain for a second straight session on Thursday, company said to be moving closer to deal with Brazil’s Embraer

According to a statement by Boeings Chief Executive Officer Dennis Muilenburg on Thursday, the company is moving closer to an agreement with Brazils aircraft manufacturer Embraer. Last week Boeing was reported to have proposed a plan to Brazilian government, which would grant the US plane maker a stake of 80%-90% in a new entity that encompasses Embraers commercial jet business.

Boeing shares closed higher for a second consecutive trading session on Thursday. It has also been the sharpest daily surge since February 6th. The stock went up 3.37% ($11.61) to $356.46, after touching an intraday high at $356.48, or a price level not seen since February 1st ($361.45).

In the week ended on February 11th the shares of the aircraft maker lost 4.61% of their market value compared to a week ago, which marked the first drop out of six weeks.

However, due to yesterdays gain, the stock has neutralized earlier losses and is now up 0.59% so far during the current month, following a 20.16% surge in January. The latter has been a fifth straight monthly gain and also the largest one since July 2017.

For the entire past year, the shares of the NYSE-listed plane manufacturer soared 89.43% following another 7.67% surge in 2016.

“We have structured a deal concept that will satisfy the needs of everybody involved… I am hopeful we can bring that deal to a successful conclusion… We have some work to do, but we are making clear progress”, Boeings CEO said in an interview with CNBC.

He also explained that the US aircraft maker was boosting capital expense as a percentage of its revenue, as the company takes advantage of the US tax code reform.

According to Muilenburg, Boeing projects to boost production to 900 jets per annum following record deliveries of 763 aircraft last year. As far as 2018 is concerned, the plane maker expects to deliver between 810 and 815 jets.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Boeing Company’s stock price, have a median target of $395.00, with a high estimate of $470.00 and a low estimate of $240.00. The median estimate is a 10.81% surge compared to the closing price of $356.46 on February 15th.

The same media also reported that 12 out of 25 surveyed investment analysts had rated Boeing Company’s stock as “Buy”, while 10 – as “Hold”.

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 – $357.23
R2 – $358.00
R3 (Range Resistance – Sell) – $358.77
R4 (Long Breakout) – $361.09
R5 (Breakout Target 1) – $363.79
R6 (Breakout Target 2) – $365.07

S1 – $355.69
S2 – $354.92
S3 (Range Support – Buy) – $354.15
S4 (Short Breakout) – $351.83
S5 (Breakout Target 1) – $349.13
S6 (Breakout Target 2) – $347.85

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

Central Pivot Point – $334.60
R1 – $351.82
R2 – $370.80
R3 – $388.02
R4 – $405.23

S1 – $315.62
S2 – $298.40
S3 – $279.42
S4 – $260.43