RTX Stock Price Down 16% This Month, Can It Recover In October?

RTX stock price persisted in a strong bearish trend for the last 2 quarters and continued to decline in the current quarter. The recent decline has dragged the price to trade below a record two-year low price of $78. The stock price has slumped by more than 16% in a span of one month.

Analysts say that the stock price might show gains as there is some good news for the company which might impact the stock price optimistically. Rtx Corp. stock (NYSE: RTX) Raytheon, a unit of RTX, won an $80 Million contract from NOAA to improve water resources prediction. The contract will enhance the National Weather Service’s Next Generation Water Model Framework and other solutions for flood mapping and hydrology.

The daily chart illustrates that the stock price trades below the key exponential moving average of 50-day and 200-day EMA indicating a strong bearish trend prevailing. Currently, the stock price follows a declining channel pattern and the price has been maintained in the channel for the last 2 weeks.

Analysts offering a 1-year price forecast for Rtx Corp. have given a maximum estimate of $110 with an upside potential of more than 52.78% and a minimum estimate of $70.

RTX stock option-chain analysis shows that the current implied volatility in the market is 27.07% with a decrement of 0.65% in the last trading session. The at-the-money strike has an OI of 565 on the PUT side and 899 on the CALL side indicating that bulls are slightly dominating at the CMP.

RTX Stock Price Showed Weakness Over The Daily Chart

The RTX stock price currently trades at $72 and follows a descending channel pattern. The breakout of the channel may invite some buying volume in the market and the price may show bullishness. The price may continue to slide down until it is maintained in the channel.

The price has immediate support at $70 and might get some buying volume to halt the declining trend. Also, the company has got some positive news after which the Investors may show some interest on Friday.

Technical Indicators Show Weakness Over the Chart

The daily RTX stock price chart shows that the price is trading below the key moving averages of the 50-day and 200-day EMAs indicating that the stock price persists in a strong trend.

The overall technical opinion rating, including RSI and MACD indicators, signals a 90% “sell” with a strong short-term outlook on maintaining the current direction.

Conclusion

RTX stock price has been falling for the last two quarters and reached a two-year low of $78. The price is below the 50-day and 200-day EMA and follows a descending channel pattern. However, the company won an $80 million contract from NOAA to improve water resources prediction, which may boost the price. Analysts predict a maximum price of $110 in a year. The price may break out of the channel and show bullishness if it gets enough buying volume. The immediate support is at $70.

Technical Levels

Support levels: $71 and $69.07.
Resistance levels: $73.45 and $76.15.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.