RTN Has the Right Look Ahead of a Thrust to the Upside

All of the action in Raytheon Company (RTN) since its Dec high at 129.99 has the right look of a completed, or nearly completed, digestion period in the aftermath of the prior significant upleg off of its July 2015 low at 95.32.

As long as important near-term support at 120.50 to 119.45 retains the integrity of the high-level digestion pattern, I want to be long RTN in anticipation of a forthcoming thrust to new highs.

The upside from yesterday's low at 120.24 to today's high at 123.88 suggests strongly that RTN has established and pivot point within its bullish digestion period, ahead of upside acceleration.