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December 22, 2024, 00:34 am ET, BY David D.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy HON near 218.44 with an upside target of 231.41. This data also tells us to set a stop loss @ 217.81 to protect against excessive loss in case the stock begins to move against the trade. 218.44 is the first level of support below 228.32 , and by rule, any test of support is a buy signal. In this case, support 218.44 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of HON as it gets near 231.41 with a downside target of 218.44. We should have a stop loss in place at 232.08though. 231.41 is the first level of resistance above 228.32, and by rule, any test of resistance is a short signal. In this case, if resistance 231.41 is being tested, a short signal would exist.
If 231.41 begins to break higher, the technical summary data tells us to buy HON just slightly over 231.41, with an upside target of 235.09. The data also tells us to set a stop loss @ 230.74 in case the stock turns against the trade. 231.41 is the first level of resistance above 228.32, and by rule, any break above resistance is a buy signal. In this case, 231.41, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
The technical summary data is suggesting a short of HON if it tests 231.41 with a downside target of 228.17. We should have a stop loss in place at 232.08 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 231.41, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
If 231.41 begins to break higher, the technical summary data tells us to buy HON just slightly over 231.41, with an upside target of 235.09. The data also tells us to set a stop loss @ 230.87 in case the stock turns against the trade. 231.41 is the first level of resistance above 228.32, and by rule, any break above resistance is a buy signal. In this case, 231.41, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
The technical summary data is suggesting a short of HON if it tests 231.41 with a downside target of 228.23. We should have a stop loss in place at 231.95 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 231.41, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
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With an objective approach to Honeywell International Inc. (NYSE: HON), Stock Traders Daily attempts to go with the flow of the market by utilizing a combination of market analysis and stock analysis.