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Raytheon Technologies Corp. Market Update

1/25/2023 3:46 PM

Shares of the American aerospace and defense conglomerate Raytheon Technologies Corp. had been correcting downwards for two weeks in a row, but they rose sharply last session, regaining almost all losses against the background of positive reporting for Q4 2022.

Thus, the company's management announced a net profit of 1.42B dollars, which corresponds to a profit of 0.96 dollars per share and is much higher than the 2021 figures of 0.69B dollars and 0.46 dollars, respectively. Adjusted earnings amounted to 1.87B dollars or 1.27 dollars per share, with experts assuming 1.24 dollars per share. The company's revenue grew by 6.2% to 18.09B dollars, which is also higher than 17.04B dollars in 2021.

Two main factors contributed to the upward dynamics of financial indicators – the growth of air traffic around the world after the weakening of the coronavirus epidemic, which contributes to an increase in sales of aircraft engines and the volume of their maintenance, as well as the escalation of the military conflict between Russia and Ukraine, to which weapons manufactured by Raytheon Technologies Corp. are supplied. These factors are long-term and will support the shares in the future.  

Technically, the price is close to 100.00 (Murray level [8/8]), the breakout of which will give the prospect of further growth to the levels of 103.12 (Murray level [+1/8]) and 106.25 (Murray level [+2/8]). The key for the "bears" remains the 93.75 mark (Murray level [6/8]), which the price unsuccessfully tested last week. If consolidated below it, the decline can continue to the area of 90.62 (Murray level [5/8]) and 87.50 (Murray level [4/8]).

Technical indicators do not give a single signal: the Bollinger Bands are reversing downwards, but the Stochastic is directed upwards, and the MACD histogram is decreasing in the negative zone.

Resistance levels: 100.00, 103.12, 106.25. | Support levels: 93.75, 90.62, 87.50.

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