UNITED TECHNOLOGIES Q4 PROFIT TOPS EXPECTATIONS, STOCK ABOVE ALL MAs
United Technologies Corp. is currently trading at 115.59-higher by 4.08% as compared to the previous closing price. In the Premarket trading session, the stock was trading higher by 5%. The stock has cut some of its earlier gains after the opening bell.
The company posted fourth quarter profit that topped market expectations on Wednesday, supported by a lower tax rate and double-digit sales growth at its aerospace businesses. The industrial conglomerate generated adjusted EPS of $1.95 for the fourth quarter of 2018. The EPS was above the consensus estimates of $1.53. Net sales rose 15.1% to $18.04 billion, beating the median forecast of $16.91 billion.
United Technologies also forecast 2019 earnings largely above estimates, driven by its acquisition of aero parts maker Rockwell Collins.
On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards. The RSI is currently at 57.22% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 115.30 TAKE PROFIT AT 117.00 STOP LOSS AT 114.40