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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.

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