Raytheon Ripe For a Pullback

Raytheon (RTN) has been on fire since the April 18 lows. The stock quickly rebounded after holding key support near its 50- and 200-day moving averages, and by April 25 was in breakout mode. The rally pushed RTN more than 12% higher in less than three weeks, a move that included 10 straight higher lows. Volume, which was well above average as this straight-up ramp began, has been trending lower of late. I believe this indicates easing momentum and I expect a well-earned pullback to develop soon.

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