Technical Earnings Preview: United Technologies in uptrend ahead of news
Shares have been trading in a bullish price channel since mid-September. If the news is positive, a test to the top of the channel at the $122 area would be highly probable. On a move above the top of the channel next resistance would be at $124.79, which is the 52-week high. A breakout above the $125 area would put the stock into new life-high territory. A test to the $130-$135 area would be possible thereafter. If the news is a negative surprise, a drop below the low of the price channel at the $118.50 area would be likely. A sustained breakdown below the channel low would be technically bearish. Support levels to watch as potential downside objectives in that event would be at $114.44 and then at the $110 area. There is a significant line of support around the $110 area going back to December 2016.