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Raytheon Falls 1.90% on Heavy Volume: Watch For Rebound (RTN)

Written on Wed, 06/23/2010 - 2:03am
By Chip Brian

Raytheon (NYSE:RTN) traded in a range yesterday that spanned from a low of $52.07 to a high of $53.47. Yesterday, the shares fell 1.90%, which took the trading range below the 3-day low of $52.39 on volume of 1.6 million shares.
Shares of Raytheon are currently trading below their 50-day moving average (MA) of $55.47 and below their 200-day MA of $52.50. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Raytheon and our subscribers were alerted to Sell on May 06, 2010 at $55.68. The stock has fallen 6.3% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $52.39 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Aerospace/Defense industry.

Keywords: Raytheon trading range stock news

Ticker(s): RTN

Contact Chip Brian
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