RTN - Oversold, expect bounce off $210 support level
The bullish DailyPlay we chose for Friday April 27th is Raytheon (RTN). RTN is part of the Industrial Sector (XLI). Over the last month, XLI has experienced a 0.18% move lower and its 1m/6m trend has turned bearish on 4/24 but recently bounced higher off its $73 support level.
Raytheon's 1m and 6m trends turned bearish and neutral on 4/24 but recently has been oversold and bounced higher off its $210 support level. With a technical score of 8 (out of 10), RTN is a strong bullish stock that will likely bounce higher.
Trade Idea: RTN Jun 15 210/230 Call Vertical @ $660 - app.optionsplay.com/
Cost: $660
Max Reward: $1,340
Max Risk: $660
POP: 36.08%
Breakeven: $216.60
As a stop loss, if RTN was to trade below $210 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
Raytheon's 1m and 6m trends turned bearish and neutral on 4/24 but recently has been oversold and bounced higher off its $210 support level. With a technical score of 8 (out of 10), RTN is a strong bullish stock that will likely bounce higher.
Trade Idea: RTN Jun 15 210/230 Call Vertical @ $660 - app.optionsplay.com/
Cost: $660
Max Reward: $1,340
Max Risk: $660
POP: 36.08%
Breakeven: $216.60
As a stop loss, if RTN was to trade below $210 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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