Current trend
Shares of RTX Corp., an American aerospace and defense conglomerate, are trading within the long-term uptrend: the price reversed from the 68.75 mark (Murrey level [7/8]), passed the entire Murrey trading range from the bottom up and consolidated above its upper limit at 100.00 (Murrey level [8/8]), opening the opportunity for further growth to the targets of 106.25 (Murrey level [ 2/8]) and 112.50 (Murrey level [ 2/8], W1).
The key for the "bears" is the level of 96.88 (Murrey level [7/8]), below the central line of Bollinger Bands, consolidation below which may lead to a change in the current trend and the development of a decline to 90.62 (Murrey level [5/8]) and 84.38 (Murrey level [3/8]), but this scenario less likely.
Technical indicators confirm the continuation of the uptrend: Bollinger Bands are directed upwards, MACD is stable in the negative zone, and Stochastic is also reversing up from the oversold zone.
Support and resistance
Resistance levels: 100.00, 106.25, 112.50.
Support levels: 96.88, 90.62, 84.38.
Trading tips
Long positions can be opened from the 101.35 mark with targets of 106.25, 112.50 and stop-loss around 98.70. Implementation period: 5–7 days.
Short positions should be opened below the level of 96.88 with targets of 90.62, 84.38 and stop-loss around 99.20.
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