The question on everyone's mind: Will RTX CORP breakout?

A possible breakout setup was detected on RTX CORP (NYSE:RTX) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:RTX.

Analyzing the Technical Aspects

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Overall RTX gets a technical rating of 10 out of 10. Both in the recent history as in the last year, RTX has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, RTX did better than 92% of all other stocks. On top of that, RTX also shows a nice and consistent pattern of rising prices.
• RTX is one of the better performing stocks in the Aerospace & Defense industry, it outperforms 76% of 66 stocks in the same industry.
• RTX is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month RTX has a been trading in a tight range between 117.26 and 123.70.
• Volume is considerably higher in the last couple of days.

Check the latest full technical report of RTX for a complete technical analysis.

Why is NYSE:RTX a setup?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:RTX has a 9 as its setup rating, indicating its current consolidation status.

RTX has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 123.34. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 120.04, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NYSE:RTX?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Of course, there are many ways to trade or not trade NYSE:RTX and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout screener.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.