RTX price broke above the symmetrical wedge. The defense is generally undervalued (stock fell due to coronavirus, but government defense spending has not). Wait for it to retest the wedge and if it reverses take a long position
NOT A FINANCIAL ADVISOR NOR IS THIS FINANCIAL ADVICE. DO YOUR OWN RESEARCH BEFORE BUYING AND SELLING. TRADE AT YOUR OWN RISK.
MILITARY INDUSTRY IS STEADY CONTRACTS -- EVEN DURING A PANDEMIC
SOLID TREND UPWARDS TOWARD ATH'S
TRADING AT A MASSIVE DISCOUNT -- 100%+ GAP BETWEEN ATH AND MARCH LOW
SL AT 56-52
T1 67
T2 75
T3 84
$RTX previously broke out of falling wedge, now looking to possibly form a bull flag for continuation. Should we hold the point of control we can see the price targets marked. However if we cannot hold it as our critical pivot point, we could fall back to our trendline support
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Quiet some resistance at $64 but indicators might push it through just watch this gap.. retest gap!
my strategy almost got kicked me out after adjusting my target and stop loss. Close one! lets case that target lol
So.. remember Im not an financial advider bla bla
Raytheon Announces Deal To Make Israel's Iron Dome Defense System In the US.
This analysis fails if it can break out and close below the red support line.
RTX has broken its red trend line support after earnings. I continue to think RTX is undervalued. We have a level of support at $57.35. Watch for a retest of $63.30.
$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...
Playing for a sector rotation from big tech into value. The Aerospace sector has been beaten down and I think there is some short-term opportunity here as drug makers enter phase 3 trials at lightning speed.
Not to mention defense spending could continue higher.
RTX has recently bounce off it uptrending support and has been more or less consolidating. Through the consolidation the bollinger bands have been contracting tighter, this is showing there to be a soon breakout. This breakout may come before earnings up to the 68 range.
