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RTX CORP (NYSE:RTX) Reveals Intriguing Technical Aspects. Here's What You Need to Know.

By Mill Chart

Last update: Mar 12, 2024

RTX CORP (NYSE:RTX) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:RTX.

RTX Daily chart on 2024-03-12

Zooming in on the technicals.

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

We assign a technical rating of 8 out of 10 to RTX. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, RTX is only an average performer.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • When compared to the yearly performance of all other stocks, RTX outperforms 47% of them, which is more or less in line with the market.
  • 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 92.29.

Check the latest full technical report of RTX for a complete technical analysis.

Looking at the Setup

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:RTX is 9:

Besides having an excellent technical rating, RTX also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 91.58. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 91.23, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NYSE:RTX

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.

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RTX CORP

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

Premarket: 106.1 -0.17 (-0.16%)

106.27

+0.86 (+0.82%)

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