RTX long
Raytheon has bounced off of this green resistance twice and based on where the stock is relative to its RSI, it looks like there is room for more buyers to come in to push past the resistance and hopefully towards old highs. RSI is only at about 54 on the YTD chart. If it closes past this level of $74.76 at least 3 trading days in a row, the trend should hold.
The fair-value estimate for RTX is $77 so it has room to go and has not fully recovered yet on the year. Defense spending and air travel should return to normal as vaccinations become more widespread. It has underperformed the S&P 500 all year but that trend is getting tired; go long. It still has a whole lot of catching up to do.
The fair-value estimate for RTX is $77 so it has room to go and has not fully recovered yet on the year. Defense spending and air travel should return to normal as vaccinations become more widespread. It has underperformed the S&P 500 all year but that trend is getting tired; go long. It still has a whole lot of catching up to do.
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