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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 $158.75 and $160.63 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 8.8% exists for Honeywell Intl, based on a current level of $159.84 and analysts' average consensus price target of $173.94. Honeywell Intl shares should first meet resistance at the 200-day moving average (MA) of $161.32 and find additional resistance at the 50-day MA of $165.27.

Over the past year, Honeywell Intl has traded in a range of $123.48 to $178.47 and closed yesterday at $159.84, 29% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 0.5%.

Honeywell International Inc. operates as a diversified technology and manufacturing company worldwide. Its Aerospace segment supplies products, software, and services for aircrafts and vehicles.

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