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$RTX Raytheon Earnings Beat - Buy the Dip

Raytheon Earnings Beat - Buy the Dip

Raytheon announced Q1'20 earnings this morning - beating both top and bottom line estimates for the quarter. Forward guidance was below expectations, which caused the stock to initially dip -2% in early trading. But smart long term investors quickly bought the dip and the stock ended the day about even.

With this move today, we now have a possible bullish hammer on the daily chart that looks to be holding the lower channel support line. I anticipate a bounce in the near term from this level. Expect it to move quickly once it clears some resistance around $64.

Medium term target: $82.00 by Sept (assumes lower channel support line is not broken)

Note: Not investment advice.

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