#Analysis: #NYSE: #UTX
Case 9 #UnitedTechnologiesCorporation (UTX)
DISCLAIMER: The analysis is strictly for educational purposes and should not be construed as an invitation to place trades.
Please do your own research!
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1/8
Case 9 #UnitedTechnologiesCorporation (UTX)
DISCLAIMER: The analysis is strictly for educational purposes and should not be construed as an invitation to place trades.
Please do your own research!
Thread 👇👇👇
1/8
A nice up trending stock with good volume and momentum but ever since the beginning of 2019 volume and momentum have dropped off. A huge move down was seen after peaking at $144.40 but the Fib 0.382% has held further downside probes. .....
2/8
2/8
I see more downside potential
unless price closes above major resistance point. The trading action has thus turned a bit messy.
3/8
unless price closes above major resistance point. The trading action has thus turned a bit messy.
3/8
Chart 1
Monthly: Monthly pivots (black) added. They are not very reliable but still good supports. Fibs have been drawn from last meaningful low to high. Fib 0.382% @ $103.53 has eased downside pressure but upside has been limited, price fractionally set a new high $144.60
4/8
Monthly: Monthly pivots (black) added. They are not very reliable but still good supports. Fibs have been drawn from last meaningful low to high. Fib 0.382% @ $103.53 has eased downside pressure but upside has been limited, price fractionally set a new high $144.60
4/8
Chart 2
Monthly: The main important #trendlines (#support/resistance) have been added and a sloping line. Price pierced trendline support but failed to close below, allowing the action to move higher.
5/8
Monthly: The main important #trendlines (#support/resistance) have been added and a sloping line. Price pierced trendline support but failed to close below, allowing the action to move higher.
5/8
Chart 3
Monthly: Extra Fibs have been added off 2nd trendline low to the high @ $144.40. Looking for confluence support - Fib 0.618% holds the strong down move and buyers around that level and trendline support enter.
6/8
Monthly: Extra Fibs have been added off 2nd trendline low to the high @ $144.40. Looking for confluence support - Fib 0.618% holds the strong down move and buyers around that level and trendline support enter.
6/8
Chart 4
Monthly: Normal Fibs replaced with inverted Fibs to check for resistances above.
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Monthly: Normal Fibs replaced with inverted Fibs to check for resistances above.
7/8
Chart 5
Monthly: Fibs added from the last swing low displaying more reliable behaviour. Strong support in a rectangle can be seen had trendline support had to break.
8/8
Monthly: Fibs added from the last swing low displaying more reliable behaviour. Strong support in a rectangle can be seen had trendline support had to break.
8/8
