There are signs that RTX CORP (NYSE:RTX) may be ready to breakout.

Our stockscreener has identified a possible breakout setup on RTX CORP (NYSE:RTX). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:RTX for potential opportunities.

Deciphering the Technical Picture of NYSE:RTX

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Taking everything into account, RTX scores 10 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, RTX is showing a nice and steady performance.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that RTX is one of the better performing stocks in the market, outperforming 92% of all stocks. We also observe that the gains produced by RTX over the past year are nicely spread over this period.
• RTX is part of the Aerospace & Defense industry. There are 65 other stocks in this industry. RTX outperforms 76% of them.
• RTX is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so RTX slightly outperforms the market at the moment.
• In the last month RTX has a been trading in the 121.38 - 135.36 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Our latest full technical report of RTX contains the most current technical analsysis.

Why is NYSE:RTX a setup?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:RTX has a 7 as its setup rating, indicating its current consolidation status.

Besides having an excellent technical rating, RTX also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price.

How to trade NYSE:RTX?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

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.

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

Keep in mind

This article should in no way be interpreted as advice. 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.