Honeywell International Inc. (HON) was reviewed back in November, when I commented, "I try to think about risk more than reward, so I would suggest that traders raise their sell stop protection on HON to a close below $146. I would look for HON to trade up towards $200 in the months ahead, but only after a period of consolidation."
Now that we are approaching the end of January, we can see that Action Alerts PLUS holding HON traded sideways or consolidated its gains during December. Prices are pushing higher again towards our $200 price target. Let's kick the tires again.
In this daily bar chart of HON, below, we can see prices above the rising 50-day moving average line and the rising 200-day line. The daily On-Balance-Volume (OBV) line has been rising and confirming the price advance for the past twelve months.
The trend-following Moving Average Convergence Divergence (MACD) oscillator signaled a fresh go long signal earlier this month when it crossed to the upside from above the zero line.
In this weekly bar chart of HON, below, all the signals are bullish. Prices for this stock that is part of Action Alerts PLUS, which Jim Cramer co-manages as a charitable trust, are above the rising 40-week moving average line. The weekly OBV line has been rising for the past three years! The MACD oscillator has been bullish since late 2016 and continues to rise.
In this Point and Figure chart of HON, below, we can see a long history of gains. No distribution is seen and there is a price target of $171 shown.
Bottom line -- HON is pointed higher. My price targets are now $171 and then the round number of $200. I would suggest raising sell stop protection to a close below $151.