With another SpaceX launch and more news this week about delivering multiple cargos on one delivery rocket, the Aerospace industry continues to accelerate. This week, the group of public aerospace companies all sported nice chart setups heading into the fourth quarter. I have circled the SCTR rankings.
TransDigm is flying. While Boeing gets all the love, this chart has just had a nice reset and looks ready to make another thrust higher.
Textron (TXT) is also a beautiful chart. This week it looks like the uptrend is resuming. The only caution would be the already lofty momentum shown on the MACD. But it looks like this has more room to run.
Lastly, Boeing is also a great setup after a fantastic 2017 run.
I like it when the industry group lifts off together. This group looks set to surge. Pick your entries and stops in what looks to be a nice fourth quarter setup.
For additional content, I produced three videos this week. Take a look and let me know what you liked.
About the author:Greg Schnell, CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).
Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018).
Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs.