Honeywell Intl Inc - (HON) - November 7, 2022 (Daily Stock Report)

by SIACharts.com

 

 

After spending 2021 and the first part of this year in a relative strength downtrend, industrial giant Honeywell International (HON) has been steadily climbing back up the rankings in the SIA S&P 100 Index Report since bottoming out deep in the red zone back in March. In recent days it has shot up through the yellow zone and on Friday it returned to the Green Favored Zone for the first time since February of 2021. Currently HON is sitting in 26th position up 29 spots in the last month.

Honeywell International (HON) shares have staged a major breakout. A downtrend that started in the summer of 2021 was finally contained back in July by support near $165 which dates back to at least 2019. Last month, that support was confirmed by a successful retest. Since then, HON has been under renewed accumulation. In the last two weeks, it has retaken its 50-day average, snapped a downtrend line and broken out over the $200 round number, all combining to signal the start of a new uptrend.

Nest potential upside resistance appears in the $224-$226 area where a round number, measured move and previous peak cluster. Initial support moves up toward $200 from $190 where it broke the previous downtrend.

 

Bulls and bears have been battling it out in Honeywell International (HON) shares, which have staged a series of see-saw swings for the last six months. It now appears that the bulls have gained the upper hand, with the shares regaining $200.00, snapping a downtrend line and completing a bullish Triple Top breakout last week.

Potential upside resistance tests appear near $227.00 based on a horizontal count, then the previous peak near $231.55, followed by $240.90 which is based on a horizontal count. Initial support appears near $189.95 based on a 3 box reversal.

With a perfect SMAX of 10, HON exhibiting strength across the asset classes.

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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