Raytheon Technologies (RTX) stock is ready for takeoff to new highs. The only question is whether you want to buy it here on Thursday or higher on Friday.
Let's check out the charts and indicators.
In the daily bar chart of RTX, below, we can see that the shares dipped towards the rising 200-day moving average line last month. That dip, in hindsight, was a buying opportunity.
Prices are edging higher with the On-Balance-Volume (OBV) line moving up and the Moving Average Convergence Divergence (MACD) oscillator is bullish. The right setup for further gains.
In the weekly Japanese candlestick chart of RTX, below, we can see another chart that has a setup for more gains. Prices are above the rising 40-week moving average line.
The weekly OBV line has shown a bullish pattern of higher lows and higher highs for many months and that kind of action should support further price gains. The weekly MACD oscillator is close to a new buy signal.
In this daily Point and Figure chart of RTX, below, we can see the new high for the move up and the $106 price target for starters.
Bottom-line strategy: Traders could go long RTX at current levels risking to $85. Our first price target is $106.
