Cramer said this change was the least surprising of those announced, as Raytheon's merger with parts of the old United Technologies made it too similar to another Dow component, Boeing (BA) . Honeywell, on the other hand, is an innovation machine in a host of synergistic industries. Cramer called the company a true industrial.
Let's check out the charts of HON.
In this daily bar chart of HON, below, we can see that prices have been "saw-toothing" higher from the March low. Prices are above the rising 50-day moving average line and recently above the bottoming 200-day moving average line. The trading volume has been active since March and the On-Balance-Volume (OBV) line has been moving higher with the price action. A rising OBV line tells us that buyers of HON are being more aggressive. The trend-following Moving Average Convergence Divergence (MACD) oscillator shows a bullish trend from late May.