Stock of the day: Honeywell

By Tomasz Wisniewski|

Published: November 25 2021, 11:10 GMT+0

Stock of the day: Honeywell

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Yesterday’s session was amazing, especially at the end of the American session. Indices surged and buyers left no prisoners. Europe and Asia were more hesitant. This kind of jolly mood is really hard to find on, for example, the DAX. It’s also hard to find in many stocks listed on the NYSE. One of those is Honeywell, our hero today.

In the past two sessions, Honeywell broke two important dynamic supports. The first one is the mid-term up trendline (pink), which was connecting crucial, higher lows since the beginning of the year. The second one was the lower line of the symmetric triangle pattern (black). Symmetric triangles are a very reliable and trustworthy formation and traders generally should look into this pattern in great detail. The breakout to the downside brings us a sell signal, and there are little doubts about that.

Negative sentiment stays with us, as long as the price stays below the pink line. Looking at the most recent decline, some kind of a correction would be nice but I wouldn’t hold my breath waiting for it. The long-term sell signal is ON.

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