United Technologies is gaining significant traction as the session comes to a close. The stock's very promising basing action near major support over the past two weeks is paying off in a big way. UTX has been well bid since the early going and will finish the day with an impressive 2.25% gain. Investors should consider the stock a low-risk buy in the near term.

UTX reached the top band of a major support zone two weeks ago. This important area runs from $116.00 to $114.00 and includes the stock's 200-day moving average. The base here, along with a rather deeply oversold reading of late, is looking very solid. A rebound move could be quite powerful.

In the near term, UTX investors should view shares as a buy on weakness. It would take a close back below $114.00 to destroy the solid bottom now in place. As the rebound develops, a retest of the 2017 high seems well within reach.

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Long UTX