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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Honeywell Intl (NYSE:HON) based on the price action in the company's shares. Yesterday's price range of $168.13 and $171.80 is within the prior day'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. Traders and investors interested in shares of Honeywell Intl may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Honeywell Intl share prices have moved between a 52-week high of $184.06 and a 52-week low of $150.38 and closed yesterday at 10% above that low price at $165.80 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has remained constant.

Honeywell Intl (NYSE:HON) has potential upside of 4.9% based on a current price of $165.80 and analysts' consensus price target of $173.94. Honeywell Intl shares should first meet resistance at the 200-day moving average (MA) of $172.26 and find additional resistance at the 50-day MA of $177.43.

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 is tracking the current trend status for Honeywell Intl and will alert subscribers who have HON in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle honeywell intl

Ticker(s): HON