Raytheon Technologies Corp. - (RTX) - March 1, 2022
Defense contractor Raytheon Technologies (RTX) appears to finally be getting its day in the sun. After spending nearly all of the last decade stuck in the red zone of the SIA S&P 500 Index Report, Raytheon has rocketed up the rankings lately and recently returned to the Green Favored Zone for the first time since 2010. Yesterday, the shares finished in 10th place, up 6 spots on the day and up 24 positions in the last month.
Slowly but steadily, Raytheon Technologies (RTX) has been steadily clawing back territory lost in the March 2020 Market Crash. Raytheon enters March 2022 on a breakout, having regained the $100.00 round number to complete a bullish Ascending Triangle pattern, confirming a previous breakout over $80.00 and signalling the start of a new upleg. Measured moves suggest potential upside resistance on trend may appear near $110.00, $120.00, and $150.00 on trend, the last of which aligns with the shares’ early 2020 peak. The $125.00 round number may also provide a notable test. Initial support appears at the 50-day moving average near $89.75.
For nearly two years since the March 2020 market bottom, Raytheon Technologies (RTX) has been under accumulation, advancing in a step pattern of rallies followed by periods of consolidation at higher levels. After spending the second half of 2021 trending sideways, Raytheon has come under renewed accumulation this year, completing bullish Double Top and Spread Double Top breakouts and rallying to new all-time highs above $100.00. Combined, these indicators suggest that a new rally phase within a primary uptrend has commenced.
Vertical and horizontal counts suggest potential initial resistance near $111.20 then $115.70, followed by the $125.00 round number on trend. Initial support appears near $93.05 based on a 3-box reversal.
With a perfect SMAX score of 10, RTX is exhibiting strength across the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.