Raytheon Company provides electronics, mission systems integration, and other capabilities in the areas of sensing, effects, and command, control, communications, and intelligence systems, as well as a range of mission support services in the United States and internationally. The company offers integrated defense systems that include integrated air and missile defense, radar solutions, and naval combat and ship electronic systems. It also provides missile systems, including air warfare, air and missile defense, naval weapon, land combat, advanced missiles and unmanned systems, and advanced security and directed energy systems. In addition, the company offers network centric systems that comprise integrated communications systems. Further, it provides space and airborne systems (SAS), such as intelligence, surveillance and reconnaissance systems; tactical airborne systems; space systems; and other SAS product lines. Raytheon Company provides its systems and solutions primarily to the U.S. Intelligence Community, Department of Defense agencies, the National Oceanic and Atmospheric Administration, the Department of Homeland Security, the Federal Bureau of Investigation, and the National Aeronautics and Space Administration, as well as sells to foreign military customers. The company was founded in 1922 and is based in Waltham, Massachusetts.
To review the H&S pattern that has formed on Raytheon's stock, please take a look at the 1-year chart of RTN (Raytheon Company) below with my added notations:
RTN has rallied nicely from its November 2011 low all the way up to its
$58 peak in September. Over the last several months though, the stock
looks like it is going through a topping process while having created a
key price level at $54 (brown). The $54 support looks like what would be
the “neckline” for an H&S pattern. Above the neckline you will
notice the H&S pattern itself (lt. blue). Confirmation of the
H&S would occur if RTN broke its $54 neckline support. If that
happens, the stock should be moving lower from there.
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