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Raytheon Technologies Corp.: Price Growth may Continue

11/22/2022 2:53 PM

Shares of Raytheon Technologies Corp., the largest US aerospace and defense conglomerate, are gaining momentum, but the gains have slowed in the last few weeks, and the price has formed a sideways range of 95.55–92.50.

Positive dynamics are traditionally constrained by the likelihood of further tightening of the US Federal Reserve's monetary policy. Despite a possible slowdown in interest rate hikes, they promise to remain high for a long time and continue to pressure the US economy. On the other hand, the strengthening of the issuer is facilitated by the aggravation of geopolitical tensions and the military conflict between Russia and Ukraine, which forced the governments of many countries to increase defense budgets. Under these conditions, companies focused on producing high-tech weapons retain good prospects for profit growth. In particular, Raytheon Technologies Corp. entered into several additional contacts for the supply of rocket technology: the latest of them concerns the production of the AIM-9X missile worth 113.8M dollars. It is worth noting that the market for missile and anti-missile weapons, one of the main ones for the corporation, promises to grow strongly soon. Thus, according to the calculations of the agency Mordor Intelligence Private Ltd., the increase in its volume in 2022–2027 can be 4.9% per year, so the prospects for the papers of Raytheon Technologies Corp. look positive.

The trading instrument is close to 96.88 (Murrey level [7/8]), consolidation above which will give the prospect of further growth to 100.00 (Murrey level [8/8]), 103.12 (Murrey level [+1/8]). The key "bearish" level is 90.62 (Murrey level [5/8]), supported by the lower line of Bollinger bands, the breakdown of which can continue to decline to levels 87.50 (Murrey level [4/8]) and 84.38 (Murrey level [3/ eight]).

Technical indicators reflect that the uptrend is continuing: Bollinger and Stochastic bands are directed upwards, and MACD is stable in the positive zone.

Resistance levels: 96.88, 100.00, 103.12. | Support levels: 90.62, 87.50, 84.38.

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