Daily Stock Report

Honeywell Intl Inc - (HON) - November 7, 2022

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. 

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