Honeywell Is Ready to Rally

Honeywell International (HON) made a falling wedge pattern from January to April but it is now in the process of rallying back to its January peak and maybe higher. Let's take a look at the charts and indicators to see how to position this stock now.

HON was reviewed in early March as it was moving down from its January zenith. At the time I wrote that, "HON is in a medium-term correction and not yet significantly oversold and displaying a bullish divergence to warrant re-approaching the long side just yet. A deeper decline could unfold in the next few weeks with prices testing the $140 area or lower." Looking over a chart today we can see that in April and May HON tested the $140 area. Let's see what is going on with HON now....297 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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