I added LHX (per the Trade Log) to get a little more diversity in the portfolios and being a chart geek, to see if I can coax a trend change from a neat looking pattern.
Here is the L3Harris website if you’d like to review the company.
The shaded daily chart pattern is what caught my eye. If it plays out symmetrically it could be a couple or few weeks before it breaks out (if indeed it is to break out). It’s a neutral trending stock with the look of something that wants to move northward. RSI and MACD have both inched positive in a quiet manner.
Pardon the confusing lines I’ve put into the weekly chart, but let me explain. I see something of a symmetrical triangle that can be drawn a few different ways on the top side but one way on the bottom side. To break out of a truly symmetrical situation it would probably have to clear 200. It has already held support (shaded) and taken out one trend line while halting at another.
What I like here is that on the weekly too, RSI & MACD are unspectacularly positive. If the daily pattern above holds and resolves bullish the target is around 228, to barely tick a new all-time high. On the downside I will not tolerate a loss of the SMA 200 (ambling sideways at 180).
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
