Raytheon Tracing a "V"? - Price at Support, High Volume, Combat Springs Eternal.
Nations and states won't stop fighting and will always need security, so defense stocks are always an intriguing sector.
But let's focus on the short-term.
Hi Steemians, I'm @holsturr.
Raytheon has been hit hard with some bad news. Despite reporting good earnings on April 26, easing Korean tensions and anticipated delays on big deals for Raytheon's technology are among some of the purported reasons RTN has tumbled.
Thanks in advance for lending me your attention!
Is RTN's stock primed to rise in price as quickly as it's fallen this last week?
We can see from the chart Raytheon is wobbling in an area of strong support with very high relative volume. RTN sold off on news, but the fundamentals and technicals are both attractive.
Many traders are saying it's time to buy the dip.
Could Raytheon trace out a "V" pattern here and provide for some quick and tidy profits for buyers of the stock and\or call options?
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