During Monday's Mad Money program, Jim Cramer pointed out a number of companies that were due to report earnings numbers on Tuesday including Raytheon Technologies (RTX) . The company beat expectations and the stock is lower on the day but that may be because of a weak "tape".
We looked at the charts of RTX on July 24 and wrote that, "The charts and indicators are not quite bang the table bullish but I am really impressed with the 10-year weekly chart and the Point and Figure price target. If RTX declines to the $55 area I think it will be a buying opportunity. Keep it on your shopping list."
Let's check out the charts of RTX again and see if it's time to go shopping.
In this intraday Japanese candlestick chart of RTX, below, we used 15-minute candles. Notice the large bearish (red) candle. The middle of this bearish candle is $61.00. This area - $61.00 - can act as short-term resistance. If prices rally above $61.00 later today, it will be my signal to go long.
This very short term signal is not my typical style of trading nor analysis but I think it can be rewarding.
Bottom-line strategy: Just for today (Tuesday) only. Aggressive traders could go long RTX on strength above $61.00. Risk a close below $60.
