RTN pushes through key resistance level
Raytheon Company (RTN) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (RTN as at Sep 14, 2018):
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.
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.
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.