UNITED TECHNOLOGIES STOCK RISES ABOVE MA5 ON RATING UPGRADE
United Technologies Corp.’s stock is currently trading at 130.24-higher by 1.16% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 1.09%. The stock has continued gaining after the opening bell.
Investment bank Cowen upgraded the building systems and aerospace company’s stock to outperform from market perform. The bank also raised its price target on the stock to $150 from $135. Cowen said that the company’s merger with Raytheon favors it. The investment bank further said that the stock’s selloff since the proposed merger with Raytheon was announced offers a win-win for attractive standalone valuation.
On the technical front, the RSI is currently at 52.11% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 130.20 TAKE PROFIT AT 131.10 STOP LOSS AT 129.70