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Raytheon Technologies Corp., Technical Analysis

3/1/2023 10:02 AM

The shares of Raytheon Technologies Corp., the US aerospace and defense conglomerate, are moving in a stable corrective trend at 98.00.

On the daily chart, within the local Diamond pattern with the boundaries of 97.00–101.00, a correction forms.

On the four-hour timeframe, it can be seen that the downside scenario is more likely, and consolidation below the local low of the pattern at 96.00 will open the quotes to the key point of the formation at 93.00, and in case of a reversal, the price will be hindered by 104.00, which is the upper border of the pattern.

Technical indicators give a sell signal: fast EMAs on the Alligator indicator are actively approaching the signal line, and the AO histogram is forming downward bars, having almost reached the transition level.

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