Honey well may trend into new high in times to come
Updated
HON is a long-term play as positive price action is looking at a renewed uptrend. First, the stock has broken strongly above the bearish gap resistance zone accompanied by high volume. 2nd long term MACD histogram has started to turned positive and oversold signal by the mid-term stochastic is back after confirming the oversold signal. Weekly chart shows clearly long-term bullish signal such as the resistance zone has been tested multiple times and has been weakened. Furthermore, 14-weekly period RSI is rising, confirming the bullish momentum and ADX is bottom out and rising. DM+ is above the 25-level.
Note
Brokes above the resistance and is nearing the new high, likely to see a return to the long-term uptrend.Trade active
Despite a huge sell off three weeks ago, Honeywell made foray into a new high. Selling pressure remain neutral for now. Will continue to hold for a long-term.
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