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Shares of Raytheon are on the verge of a breakout.  All September the stock has been moving sideways in a narrowing range while trading inside the August range.  Since getting dumped from the Dow; https://www.marketwatch.com/story/here-are-the-big-winners-among-us-stocks-during-a-sizzling-august-2020-08-31?mod=mw_quote_news, investors have shown little interest.  That may be changing this week.  RTX is setting up well for a fresh rally leg and remains in a very low risk entry area. 

A key hurdle for RTX in the near term is the Initial September high($63.20).  A clear take out of this area would drive the stock through a key overhead trendline that links the June, August and September highs.  Once past RTX has room to run.  Daily MACD currently sits at neutral. 

On the downside, a close back below $58.00 would violate the September lows indicating more sideways action is ahead before RTX can mount a meaningful rally. 

We are long RTX in some managed accounts.