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NYSE:RTX may be ready to breakout.

By Mill Chart

Last update: Mar 7, 2024

Our stock screener has spotted RTX CORP (NYSE:RTX) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:RTX.

RTX Daily chart on 2024-03-07

Technical analysis of NYSE:RTX

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, RTX scores 7 out of 10 in our technical rating. Although RTX is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

  • The long and short term trends are both positive. This is looking good!
  • When comparing the performance of all stocks over the past year, RTX turns out to be only a medium performer in the overall market: it outperformed 42% of all stocks.
  • RTX is an average performer in the Aerospace & Defense industry, it outperforms 46% of 65 stocks in the same industry.
  • RTX is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so RTX is lagging the market.
  • In the last month RTX has a been trading in a tight range between 88.90 and 92.81.

For an up to date full technical analysis you can check the technical report of RTX

How does the Setup look for NYSE:RTX

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:RTX currently holds a 9 as its setup rating, suggesting a particular level of consolidation in the stock.

Besides having an excellent technical rating, RTX also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 90.51. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 89.96, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NYSE:RTX?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.

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RTX CORP

NYSE:RTX (5/24/2024, 7:04:00 PM)

After market: 106.1 -0.17 (-0.16%)

106.27

+0.86 (+0.82%)

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