Raytheon (RTN) was reviewed last week and we said, "There is some chart support around $180 for RTN, but a break of that support is possible as prices have been unable to break above $190 in October and late November, forming what could be considered a small double top. Traders strongly should consider raising sell stop protection to a close below $180 and investors should consider a close below $170 as the point to reappraise their position."
How do the charts look now? Let's check closer. In this daily bar chart of RTN, below, we can see that prices have been crossing above and below the still rising 50-day moving average line. The 200-day line is well below the price level and not an issue right now. The daily On-Balance-Volume (OBV) has been neutral or stalled for the past three months. The trend-following Moving Average Convergence Divergence (MACD) oscillator is just slightly above the zero line and not really in a bullish mode.
In this weekly bar chart of RTN, below, we can see that prices are still in a long-term uptrend and the 40-week moving average is still rising as is the weekly OBV line. The weekly MACD oscillator generated a take profits sell signal in the middle of October and it is still in a bearish mode.
In this Point and Figure of RTN, below, we can see that a trade up to $192 is bullish but a decline to $180 or $178 is bearish.
Bottom line - RTN still looks like it is "rolling over" and longs should raise their sell stop protection to a close below $181.50.