Long
Buy the flag in RTN
The chart on the left is a weekly view of Raytheon. From the year 2000 low, the stock rallied nicely within a trend channel before breaking topside resistance in 2015. After topping out around $230, RTN has pulled back to retest the prior trend channel as support. Looking at a smaller timeframe on the right, we can see the sharp bounce off of the trendline and the formation of a bull flag between $173 and $188. From an Elliott Wave perspective, I'm counting the sell-off from the all-time high as a complex correction labeled W-X-Y. It's unclear whether the stock is now rallying in a new impulsive sequence or an A-B-C within a larger correction, but either way, I'm favoring a break higher from here. Initiating a long position at market with a soft target at $210.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.