Honeywell Tries to Grind UpwardHoneywell has been dormant since March, but now some traders may think bulls are gaining traction in the industrial conglomerate.
The first pattern on today’s chart is the falling trendline along the highs of April and early June. HON ripped above that line two weeks ago and is now attempting to bounce at it. Old resistance may have become new support.
Second, the stock jumped on April 26 after results beat estimates and management raised guidance. Will that lift the animal spirits into the next report in about a month?
Third, the 50-day simple moving average (SMA) is rising toward the 200-day SMA. A “golden cross” to the upside could make some chart watchers view the longer-term trend more bullishly.
Finally, short-term signals could also be positive: The 8-day exponential moving average (EMA) has been above the 21-day EMA for most of June and MACD has been rising.
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