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In the Premarket trading session on Monday, United Technologies Crop’s stock was trading at 148.03- lower by 1.89% as compared to its previous close.
The company offered a concession to deal with EU antitrust concerns regarding their plan to make a 120 billion dollar US aerospace and defense giant.
The offer was summited on Friday, but the European Commission extended its deadline for a decision till March 13.
The company has already agreed to divest a military-focused GPS unit from its subsidiary Collins. Now the EU will seek feedback from rivals and customers before deciding whether to clear the deal.
According to the earnings report released on 28th January 2020, the company posted a higher fourth-quarter profit. The adjusted earnings per share came in at $1.32 while the sales rose by 8% to 19.6 billion.
The Chief Financial officer Neil Mitchill said the 2020 operating profit for the company can be hurt largely due to the grounding of Boeing’s 737 Max aircraft.
On the technical front, the market is trading near its key support level. The MACD histogram suggests that bulls have taken control over the bears and the market is expected to move up. The RSI and stochastic suggest that the market can move in an upward direction.
Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTIONS BUY 148.70, STOPLOSS @ 148.00, TARGET@ 150.10