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Possible Bearish Inside Day Candle Pattern Detected for Honeywell Intl (NYSE:HON)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Honeywell Intl (NYSE:HON) based on the price action in the company's shares. Today's price range of $169.62 and $169.62 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Honeywell Intl may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Honeywell Intl has overhead space with shares priced $169.62, or 2.5% below the average consensus analyst price target of $173.94. The stock should discover initial support at its 50-day moving average (MA) of $161.78 and subsequent support at its 200-day MA of $150.94.

In the past 52 weeks, shares of Honeywell Intl have traded between a low of $123.48 and a high of $174.34 and are now at $169.62, which is 37% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.8%.

Honeywell International Inc. is a worldwide diversified technology and manufacturing company. The Company provides aerospace products and services, control, sensing and security technologies, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions.

SmarTrend recommended that subscribers consider buying shares of Honeywell Intl on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $134.58. Since that recommendation, shares of Honeywell Intl have risen 26.6%. We continue to monitor HON for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle honeywell intl

Ticker(s): HON