BY Scott Rutt – In the “Off The Charts” segment on Mad Money, Jim Cramer checked in with colleague Bob Lang over the charts of the defense contractors, a group that was left for dead just a month ago.
Lang first looked at a daily chart of Raytheon Technologies (RTX), noting that the stock has already erased half of its earlier losses. Raytheon was his favorite in the group, given that the stock could surge to $80 a share before reaching any resistance.
Next was L3Harris (LHX), a stock which had a strong ceiling of resistance at $192 a share before surging to $197 Tuesday. Lang was also in favor of buying L3Harris at these levels.
Lockheed Martin (LMT) ran up against its 200-day moving average only to pull back, Lang noted, but now the stock is seeing a bullish crossover in its MACD momentum indicator and is surging to $380 a share. Cramer was less of a fan given that Lockheed lacks the growth of the other two.
Finally, Lang looked at Northrop Grumman (NOC). He said that while the RSI is strong and the stock is making higher highs and higher lows, the chart is his least favorite in the defense space.
