United Technologies Corp. (UTX): Turning “Opinions” into Trading Opportunities
See how one method stayed a step ahead of UTX's 3 big trend changes in September-October
by Nico Isaac
Updated: November 23, 2018
Every trader can relate to the frustration depicted in the chart below, the Big-Board stock United Technologies Corporation (UTX).
From May to August, prices enjoyed a steady uptrend -- only to plateau in a weeks-long sideways trend. At that point, the question became: Were prices gearing up for a new rally, or a downward reversal?
A direct question. Only the response was anything but. Take, for example, the myriad of news items below which failed to clarify the near-term trajectory in United Technologies Corporation:
- UTX is Bullish: "This Oversold Sector is Set for a Huge Rebound... Considering this fantastic fundamental and technical set up, it's time for traders to get long UTX." (Nov. 2 Investorplace)
- UTX is all over the map: "Mixed Analysts... UTX. ...1...sell, 5...hold, 7...purchase" (Nov. 10 Financial Mercury)
- UTX is Bearish: "Why this Stock is Very Risky?: UTX" (Nov. 19 Investorplace)
- UTX is Bearish: "Still Spinning in the Sand: UTX" (Nov. 20 NYSE News Today)
- UTX is Bullish: "Could Generate Strong Returns?: UTX" (Nov. 21 NMSU News)
The problem wasn't just the difference of opinions. It was also that none of them offered a way to know whether those opinions were wrong -- before you followed them.
This is where our Trader's Classroom provided an alternative: It gave you a "preferred" Elliott wave forecast AND kept your mind open to differing wave interpretations, each with a specific "trigger point" based on Fibonacci-calculated support and resistance price levels.
In his September 12 Trader's Classroom lesson, editor Jeffrey Kennedy offered two options where UTX could go in the near term. In the following clip, hear Jeffrey walk traders through both scenarios and identify critical price levels. Simply press play and enjoy
In the days that followed, UTX obeyed its critical bullish support level and spent the remainder of September flying higher.
Then, in the October 10 Trader's Classroom, Jeffrey presented an updated Elliott wave count for UTX, this time clearing the path for a precipitous sell-off:
"...we were looking up in a fifth wave... and we pushed higher, setting the stage for a retracement back into the prior fourth wave extreme. So, I suspect what we'll see moving forward in UTX is further decline."
From there, UTX's downtrend pushed prices 11% lower to a five-month nadir in October.
In the October 25 Trader's Classroom, Jeffrey visited UTX once more. There, he showed this wave count, which closed in on a possible bottom and pending rebound.
For the third time, UTX followed its Elliott wave script, hitting bottom on October 29 and reversing up.
The chart below illustrates the timing of Trader's Classroom lessons at major turning points in the stock.
It's easy to find market opinions these days. Often, they leave you more confused than before.
Elliott wave analysis gives you an objective view, one based on repeating chart patterns and exact support and resistance points that help you manage risk.
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