$RTX Raytheon Earnings Beat - Buy the Dip$RTX Raytheon Earnings Beat - Buy the Dip
Raytheon announced Q1'20 earnings this morning - beating both top and bottom line estimates for the quarter. Forward guidance was below expectations, which caused the stock to initially dip -2% in early trading. But smart long term investors quickly bought the dip and the stock ended the day about even.
With this move today, we now have a possible bullish hammer on the daily chart that looks to be holding the lower channel support line. I anticipate a bounce in the near term from this level. Expect it to move quickly once it clears some resistance around $64.
Medium term target: $82.00 by Sept (assumes lower channel support line is not broken)
Note: Not investment advice.
Trade ideas
A triple Bull clawThe decline slopes are decreasing in downward slope angle. Sentiment in selling off fast is decreasing. Two directions fill up the gap at 50-55 or trend back up in the channel. I predict that it will trend inside the channel due to all the contracts being awarded and that we will get out of this pandemic in a better position. Plus people invest forward looking.
RTX Bullish Cypher, Dave Portnoy is early! I seen the executive president of DDTG global global global grab some RTX so I checked the chart. Thought I spotted a bullish cypher, and measurements line up.
I think Davey is a little early on the long. My play will be a scalp short of the break of (B) for a position reverse at the multi level confluence (D) point (entry long). Typically the take profit long would be C to D retrace of .382 and .618, but I will leave half on for trend continuation higher.
RTX SHORT PLAYSharing my RTX short play for the week and possible entry for Long play. Any feedback would be awesome. Mahalo
I do like RTX as a long play as well after merging with united technologies. The products they provide in aerospace, drones and defense systems will play a role in the future imo.
beat earnings last 4 quarters
est eps for Q2 2020 much lower @ .36 (expected)
increased Revenue over past 4 years
government funded ?
Balance sheet looks ok I think. Still new to understanding how many zeros to add.






















