A Real Money subscriber recently asked for a technical update on Raytheon Technologies (RTX) . Let's see if anything has changed since our last review.
In our last review of RTX back on May 19 we wrote that "The other day we wrote 'Continue to hold longs. Raise stops to $81 for now. After $87 our next targets are $100 and then $111.' Today we can add the $150 area as a longer-term objective."
In the updated daily bar chart of RTX, below, we can see some softness in prices since early June. Prices have slipped below the 50-day moving average line as momentum has slowed.
Trading volume has diminished over the same time period and the On-Balance-Volume (OBV) has declined to tell us that sellers of RTX are now more aggressive. The trend-following Moving Average Convergence Divergence (MACD) oscillator has crossed below the zero line for an outright sell signal.