Raytheon Technologies Corp - (RTX) - April 19, 2023
Defense contractor Raytheon Technologies (RTX) has been steadily climbing up the rankings in the SIA S&P 100 Index Report since February. Bouncing back from a dip into the yellow zone, RTX returned to the Green Favored Zone in March and is up 9.1% since then. RTX ix currently sitting in 15th position after climbing another 2 spots yesterday.
Multiple major breakouts are underway in Raytheon Technologies (RTX) shares. With accumulation accelerating this month, the shares have regained $100.00, completed a symmetrical consolidation triangle with a breakout over $101.00 to signal a new upleg starting, broken through $103.50 to a new all-time high and completed a large bullish Ascending Triangle.
Initial resistance may appear at the previous intraday peak near $108.25. Measured moves suggest potential resistance tests near $113.50 and then near $127.00, just above the $125.00 round number. Initial support appears near the $100.00 round number, then a recent low near $99.40.
This 1% chart highlights the ongoing uptrend of higher lows in Raytheon Technologies (RTX) shares. This month, RTX has broken out to a new all-time high, clearing the previous peak set a year ago. The shares have completed bullish Double Top and Spread Double Top breakouts to confirm the start of a new advance.
Initial upside resistance appears near $110.80 based on a horizontal count, followed by $116.45 where multiple vertical and horizontal counts cluster. Initial support appears near $100.00 where a 3-box reversal, round number, and previous resistance levels/breakout points cluster.
With a perfect SMAX score of 10, RTX is exhibiting strength across the asset classes.
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