RTN pushes through Wednesday's high
Raytheon Company (RTN) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, RTN ended Thursday at 155.20 gaining $10.42 (7.2%), outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 152.99, the share confirmed its breakout through the previous session high after trading up to $4.98 above it intraday.
Daily Candlestick Chart (RTN as at Mar 26, 2020):
Thursday's trading range has been $11.55 (7.69%), that's below the last trading month's daily average range of $14.15. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for RTN.
The stock managed to close above the 20-day moving average at 155.00 for the first time since February 12th. When this moving average was crossed above the last time on February 6th, RTN gained 0.91% on the following trading day.
Though Raytheon is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for Raytheon. Out of 153 times, RTN closed higher 58.17% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.21% with an average market move of 0.47%.
Market Conditions for RTN as at Mar 26, 2020
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