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BAE Systems’ stock is currently trading at 645.00-higher by 3.30% as compared to its previous close. The company’s stock touched its highest level since July 2018 earlier in the session.
The British defense company said today that it would buy Raytheon’s Airborne Tactical Radios and Collins Aerospace’s Military Global Positioning System businesses for a total price of $2.2 billion. BAE Systems also disclosed that it will pay $275 million for Raytheon’s radio business. The British defense company will pay $1.93 billion for Collins Aerospace’ GPS business.
Both acquisitions were dependent on the closure of the merger between Collins Aerospace’s parent company United Technologies and Raytheon. The defense-and-security company’s CEO said it was benefiting from a requirement for some assets to be divested in order for the merger to get regulatory clearance. The company’s Electronic Systems business accounts for around 22% of group sales. Stocks of BAE Systems have risen 14.16% Year to date.
On the technical front, the current price is above the MA5. The current price is above the upper band of the Bollinger Bands and is heading upwards. The RSI is currently at 77.88% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 644.00 TAKE PROFIT AT 650.00 STOP LOSS AT 641.00