Honeywell International (HON) was reviewed last week when I wrote that, "There are enough bullish signals on HON to give traders and investors confidence in the long side. Go long HON around current levels and consider adding to longs on a move above $157.05. Risk a close below $149 looking for gains to $165 and then the $180-$185 area." Traders should be long so let's review the charts again.
In this updated daily bar chart of HON, below, we can see some technical improvement in the past few days. Prices are above the rising 50-day and the bullish 200-day moving averages. The 50-day line is poised to cross above the 200-day line very soon for a bullish golden cross. The daily On-Balance-Volume (OBV) line has stayed strong and the MACD oscillator is bullish.
In this weekly bar chart of HON, below, we can see that prices are above the flat 40-week moving average line. The weekly OBV line just made a new high for the move up and the MACD oscillator is trying to turn up for an outright go long signal.
In this Point and Figure chart of HON, below, we can see an upside price target of $191.94 or let's just call it $192.
Bottom line: Continue to hold recent longs risking a close below $149. Buy more on a close above $165.
