HON rises to highest close ever
Honeywell International Inc. (HON) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
HON finished Tuesday at 162.86 gaining $0.86 (0.53%) on high volume, slightly outperforming the S&P 500 (0.05%). Today's close at 162.86 marks the highest recorded closing price ever. Trading up to $0.45 lower after the open, Honeywell International managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (HON as at Apr 16, 2019):
Tuesday's trading range has been $0.79 (0.49%), that's far below the last trading month's daily average range of $1.59. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HON. Prices continued to consolidate within a tight trading range between 161.40 and 162.92 where it has been caught now for the last three trading days.
After having been unable to move above 162.87 in the previous session, the market ran into sellers again around the same price level today, missing to move higher than 162.92. The last time this happened on April 8th, HON lost -0.75% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Honeywell International. Out of 487 times, HON closed higher 54.41% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 63.24% with an average market move of 0.83%.