Raytheon Technologies Corp (rtx stock) hits the highest in two months
- NYSE: RTX has been extending its gains and now trades at the highest levels since mid-August.
- Raytheon Technologies Corporation is set to report third-quarter earnings in the next few days.
- The aerospace industry may receive support from the federal government as part of the stimulus plan.
Raytheon Technologies Inc. has been moving higher, hitting the highest since August 13. The Waltham, Massachusetts-based company has been on an uptrend for several days, benefiting from elevated expectations ahead of its earnings report.
Investors may already be looking beyond the recent past and into the future. The firm's business heavily depends on the government and on the upcoming stimulus package. And that hinges on the elections. If Democrats win the White House and the Senate, there is a greater chance of a generous deal that would benefit Raytheon.
NYSE: RTX could also rise if President Donald Trump is reelected. He could push fellow Republicans toward a mid-sized relief deal which would also be favorable to corporations. However, if Joe Biden is elected president while the GOP retains control of the Senate, a deal would be harder to reach.
There are 11 days until Election Day and the race – especially for the upper chamber – is wide open.
RTX Stock Price
NYSE: RTX is changing hands at $63.14 at the time of writing, above the $62.92 closing peak in mid-September, the previous peak. The critical target is $64.26, the peak on August 11. If Raytheon's shares exceed that level, it would be the highest since June.
Support awaits at the recent low of $60, which is also a psychologically significant level. Further down, $57.50 was the low point in October and nearly a double-bottom with another trough at a similar price in August.
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Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
