What's Next for RTX, Up 43% Since our Heads-up To MPTrader Members in Early October?
by Mike Paulenoff
April 28, 2024 • 3:53 PM EDT
On the Monday morning (10/09/24) after Hamas attacked Israel (10/07/24), Mike Paulenoff posted the following heads up for MPTrader members:
Another "Crisis Opportunity" could be developing in RTX (formerly Raytheon Technologies) after a prolonged correction finally exhibits signs of downside exhaustion, and because the various combatants around the globe need weapons systems and missiles, lots of missiles... Last is 72.62...
RTX established a multi-month corrective low at 68.56 on the Friday before the attack, down 35% from the 104.91 high on 4/19/23. RTX has not looked back since then.
Last Thursday, after 19 of Mike's updates and two positive earnings reports later, RTX hit a high of 103.89, up a whopping 43% above Mike's heads-up to MPTrader members in early October.
Although the prospect of a confrontation between Israel and Iran has cooled in the past week or so, rising geopolitical tensions from many potential flashpoints around the globe continue to represent demand for munitions and armaments from manufacturers such as RTX, especially replacement missiles for depleted systems such as the Iron Dome.
That said, however, can and will RTX be able to meet demand?
Mike's technical work recognizes the powerful October-April uptrend (see chart), but with RTX trading 48% above its 10/06/23 low, is the stock positioned for a correction ahead of upside continuation?
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