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Boeing gains 7% in a week as new orders keep coming in

Boeing gains 7% in a week as new orders keep coming in
Dino Kurbegovic

The non-stop stream of issues surrounding Boeing (NYSE: BA) could end, according to the Commercial bosses of the company. Namely, prior to the Farnborough Air Show, Boeing Commercial Airplanes boss Stan Deal claimed that he expected a successful show with more jet sales. 

The aviation giant is expected to announce orders from Delta Air (NYSE: DAL) of roughly 100 Max airplanes; similarly, Lufthansa (OTCMKTS: DLAKY) might also order another around 10 large Boeing freighters. 

This could actually shore up the order backlog, meanwhile, the deliveries the firm announced on July 12, showed 121 jets delivered in the second quarter compared to 95 in the first quarter. Further, the 737 Max deliveries were 100 jets, up from 81 in the first quarter. While, the military aircrafts were 40, compared to 41 in the first quarter. 

Moreover, even before the news of the new orders was disclosed, the company’s stock had been doing quite well, increasing 7.24% over the course of the previous five trading days.

BA chart and analysis 

Despite the recent jump in the price, year-to-date (YTD), shares are down over 28%, trading above the 20-day and 50-day Simple Moving Averages (SMAs). BA has been trading in the $130.09 – $149.74 range in the last month with a positive short-term trend. 

Moreover, the support zones appear to be in the range between $139.06 and $141.59, while the resistance is located at $147.75. 

BA 20-50-200 SMA lines chart. Source. data. See more stocks here.

On the other hand, analysts rate the shares a strong buy, predicting that the average price in the next 12 months could reach $215.29, 45.72% higher than the current trading price of $147.74.

Wall Street analysts’ price targets for BA. Source: TipRanks  

Despite the positive news coming from the BA management, the issue with the supply chain disruption could be a large overhang over the entire aerospace industry. 

Looking at the recent gains, it seems as if investors are more upbeat about the stock, but Boeing has had numerous troubles lately, so staying cautious could be the best approach.

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