The shares of Raytheon Technologies Corp., the US aerospace and defense conglomerate, are moving within a stable corrective trend at 96.00.
On the daily chart, a global correction is forming within the Head and shoulders reversal pattern with the Neckline at 94.00.
On the four-hour chart, the downside scenario is more likely, and consolidation below the formation's Neckline at 94.00 will let the price fall to the target level of working out at 89.00. In case of a reversal, the level of 98.00, which is the upper limit of the second Shoulder, may become a serious obstacle for the "bulls."
Technical indicators reinforce the sell signal: fast EMAs on the Alligator indicator are actively moving away from the signal line, and the AO histogram is forming downward bars in the sell zone.