HON pushes through Wednesday's high
Honeywell International Inc. (HON) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, HON ended Thursday at 137.40 gaining $7.75 (5.98%), slightly underperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 135.34, Honeywell International confirmed its breakout through the previous session high after trading up to $4.05 above it intraday.
Daily Candlestick Chart (HON as at Mar 26, 2020):
Thursday's trading range has been $8.23 (6.24%), that's below the last trading month's daily average range of $10.53. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for HON.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 134.44 (now S1), which is likely to act as support going forward.
While the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.