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

By David Diaz

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 $133.28 and $135.65 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.

Potential upside of 31.0% exists for Honeywell Intl, based on a current level of $132.79 and analysts' average consensus price target of $173.94. The stock should find initial resistance at its 50-day moving average (MA) of $138.80 and further resistance at its 200-day MA of $163.96.

Over the past year, Honeywell Intl has traded in a range of $101.08 to $184.06 and closed yesterday at $132.79, 31% above that low. The 200-day and 50-day moving averages have moved 0.48% lower and 2.2% lower over the past week, respectively.

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