Raytheon Technologies Corp. - (RTX) - January 3, 2023
Defense contractor Raytheon Technologies (RTX) has been steadily climbing back up the rankings in the SIA S&P 100 Index Report since October. On Friday, it returned to the Green Favored Zone for the first time in six weeks, and before that since August, finishing the year in 24th place, up 2 spots on the day and up 7 positions in the last month.
This five-year weekly chart highlights the wider context of the recent gains in Raytheon Technologies (RTX) shares. Still recovering from the 2020 market meltdown, Raytheon spent 2022 consolidating in a sideways range between $80.00 and $105.00. In recent weeks, the shares have bene on an upswing within that range and recently regained the $100.00 level.
A breakout over $105.00 would signal the start of a new advance with potential measured resistance near $130.00 which is near the center of a $120.00 to $140.00 trading range which persisted through 2018 and 2019. Initial support appears at the 50-day moving average which has moved up toward $96.00.
Back in November, Raytheon Technologies (RTX) completed a bullish Triple Top breakout, which indicated that their primary uptrend was resuming. Since then, RTX has remained under accumulation, building a bullish High Pole and advancing above $100.00 without even a 3-box correction along the way.
Initial upside resistance appears at the April peak near $105.05, followed on trend by $109.30 and $116.00, which are based on horizontal counts. Initial support appears near $93.25 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.