United Technologies Is Above My Target for 2018 United Technologies is set to report quarterly results before the opening bell on Wednesday, Jan. 24, and analysts expect the industrial conglomerate to post earnings per share of $1.56. The stock tested my annual risky level of $135.80 on Jan. 16, just days after its air conditioning division Carrier eliminated 200 jobs in Indiana. Earlier in the month, Goldman Sachs upgraded United Technologies stock to buy with a $173 price target. Goldman analysts like the engine division Pratt & Whitney and the Otis Elevator division, and they expect the company to benefit from repatriation of large overseas cash balances. (See also: United Technologies Stock Nears Major Breakout.) The daily chart for United Technologies Daily technical chart showing the performance of United Technologies Corporation (UTX) stockCourtesy of MetaStock Xenith United Technologies has been above a "golden cross" since Nov. 17, when the stock closed at $116.53. A "golden cross" occurs when the 50-day simple moving average rises above the 200-day simple moving average and indicates that higher prices lie ahead. The horizontal lines from bottom to top are the semiannual value level of $114.39, the monthly value level of $124.15, the quarterly pivot of $130.47 and my annual risky level of $135.80. The stock began the year at $127.57, moved above its quarterly pivot of $130.47 and then tested its annual risky level of $135.80 between Jan. 11 and Jan. 19. The weekly chart for United Technologies Weekly technical chart showing the performance of United Technologies Corporation (UTX) stockCourtesy of MetaStock Xenith The weekly chart for United Technologies is positive but overbought, with the stock above its five-week modified moving average of $130.14. The stock is well above its 200-week simple moving average at $109.66, which is also the "reversion to the mean," last tested during the week of Nov. 11, 2016, when the average was $105.00. The 12 x 3 x 3 weekly slow stochastic reading is projected to end this week at 92.86, above the overbought threshold of 80.00 and above 90.00 as an "inflating parabolic bubble." Given these charts and analysis, my strategy is to buy United Technologies shares on weakness to my quarterly and monthly value levels of $130.47 and $124.15, respectively, and to reduce holdings on strength to my annual risky level of $135.80. (For more, see: How United Technologies Makes Its Money.)
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