HON pushes through Monday's high
Honeywell International Inc. (HON) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, HON finished the month -0.86% lower at 144.59 after gaining $1.35 (0.94%) today, underperforming the S&P 500 (1.54%). Closing above Monday's high at 143.30, Honeywell International confirmed its breakout through the previous session high after trading up to $2.22 above it intraday.
Daily Candlestick Chart (HON as at Jun 30, 2020):
Tuesday's trading range has been $3.50 (2.46%), that's below the last trading month's daily average range of $4.66. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for HON.
One bullish candlestick pattern matches today's price action, the White Candle.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might accelerate should prices move above the close-by swing high at 147.24 where further buy stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Honeywell International. Out of 821 times, HON closed higher 54.20% 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 61.27% with an average market move of 0.65%.