United Technologies (N:UTX) makes some great things for your home like Carrier air conditioning; but is better known for its kick ass products like the Blackhawk Helicopter. The stock was not seeing a lot of love over the summer as it fell 25%. Must have been the air conditioners. But recently things are looking up, like a Blackhawk climbing over the horizon.
After the pullback, it rose to resistance again in October. Then it had a mild pullback that reversed back to resistance quickly. Setting up an inverse Head and Shoulders pattern. That pattern failed at the start of the week as the price fell below the right shoulder. But that does not mean it can’t go back higher.
And that is what is happening today. With a mini Golden Cross (20 day SMA crossing up through the 100 day SMA) the price is building a bullish engulfing Candlestick. This is a signal of a further move higher. But as I write this the candle is also a Marubozu. This candle without an upper shadow shows string intraday price movement higher and adds weight the Engulfing candle. With the RSI turning back higher after touching the mid line, and the Bollinger Bands® rising, the picture to the upside is complete. Look for a move over 101 to join the climb higher.