RTN pushes through key resistance level

Raytheon Co. (RTN) Technical Analysis Report for Sep 14, 2018

Highlights

RTN pushes through key resistance level
RTN pushes through 100-day moving average
RTN closes higher for the 3rd day in a row
RTN fails to close above 200-day moving average
RTN pushes through previous session high

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

Moving higher for the 3rd day in a row, RTN finished the week 1.39% higher at 203.16 after surging $2.33 (1.16%) today. Today's closing price of 203.16 marks the highest close since June 13th. Closing above Thursday's high at 201.19, Raytheon Co. confirms its breakout through the previous session's high having traded $2.80 above it intraday.

Daily chart for RTN

Volatility

Friday's trading range was $3.64 (1.81%), that's far above last trading month's daily average range of $2.31. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.

Support/Resistance

Breaking through the key resistance level at 202.16 today, it is now likely to act as support going forward. After spiking up to 203.99 during the day, the stock found resistance at the 200-day moving average at 203.45.

Trend

While still in a long-term downtrend, the short and medium-term trends both turned bullish already. The market managed to break above the 100-day moving average at 201.84 today for the first time since June 1st.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Raytheon Co.

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