RTX stock price is struggling to break above the key resistance level and is been stuck below it. Currently, RTX shares need more buyers to support an upward movement toward recovery. However, the trading volume is low, which shows a lack of interest and momentum. At the same time, RTX shares have broken below the 20, 50, 100, and 200-day daily moving averages, which are bearish signals.
RTX stock price lost 4.69% last week; it fell by 16.28% in the month. Moreover, RTX shares witnessed a decline of about 26.52% in the past six months and a plunge of 13.62% over the past year.
Also, the RTX share price has dropped by around 29.12% year to date. These trends collectively show the challenges faced by RTX shares in their recovery efforts throughout the year.
Technical indicators highlight a downtrend in RTX stock price. Both the relative strength index (RSI) and the moving average convergence divergence (MACD) highlight slippage in RTX share price.
The price at present requires substantial support from the buyers in order to make a recovery as it is facing major resistance from the previous resistance points and multiple moving average levels. Buyers are pulling the price action into their grasp, according to the candlestick patterns.
The price may soon attempt to make a bullish recovery. However, as it is trading below the key EMA levels, buyers will have to face multiple resistance levels in order to attain the target. Buyers are presently making continuous efforts to retake charge of the trend.
On the daily charts, RTX stock shows sellers’ dominance as it slipped below neutrality, showing a negative outlook on the charts. Moreover, the price dropped below the 23.6% Fib level and near the lower Bollinger band.
Overall, the technical indicators and price action suggest that RTX stock is bearish and that the downtrend may continue.
Technical Evaluation of RTX Stock
At the time of publishing, RTX stock (NYSE: RTX) is below the 50 and 200-day SMAs (simple moving averages), which do not support the price trend.Â
The current value of RSI is 16.40 points. The 14 SMA is below the median line at 25.63 points which indicates that the RTX share is bearish.
The MACD line at -3.75 and the signal line at -3.12 are below the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the RTX stock price.
Summary
RTX share technical oscillators are giving bearish signals. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend may continue in the RTX stock price. RTX price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
- Support Levels: The RTX stock price may find support at $70.00 and $65.00, where it could bounce back or stabilize.
- Resistance levels: The RTX stock price may face resistance at $78.55 and $84.03, where it could reverse or consolidate.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/25/rtx-stock-forecast-what-to-expect-with-rtx-stock-in-2023/