All of the action in Raytheon Company (NYSE:RTN) since its Dec. high at 129.99 has the look of a completed -- or nearly completed -- digestion period in the aftermath of the prior significant upleg off of its July 2015 low at 95.32.
As long as important near-term support at 120.50 to 119.45 retains the integrity of the high-level digestion pattern, I want to be long RTN in anticipation of a forthcoming thrust to new highs.
The upside from yesterday's low at 120.24 to Wednesday's high at 123.88 suggests strongly that RTN has established a pivot point within its bullish digestion period ahead of upside acceleration.