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.
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.
