Defense contractor Raytheon Co. (RTN) is trading higher in early trading Friday and could establish a new 52-week high.
Let's visit with the charts to see what technical strategy makes sense at this point in time.
In the daily bar chart of RTN, below, we can see that prices made a sideways consolidation pattern from February through August. From early September prices has been rallying. RTN is above the rising 50-day moving average line as well as the rising 200-day moving average line.
A bullish golden cross of the 50-day line and the 200-day line was way back in July when prices were still in a consolidation band. Typically golden crosses are late to the game.
The daily On-Balance-Volume (OBV) line was rising all during 2019 and tells us that buyers of RTN have been more aggressive. The OBV line turned higher in early June leading the price action. The Moving Average Convergence Divergence (MACD) oscillator moved to a buy signal in July and is still above the zero line.