- Buoyed by a strong session amid an uptrend, Honeywell is $1.21 away from testing key resistance at $215.72
- Upper Bollinger Band® currently at $223.97
Around $214, Honeywell International can look to establish a new bullish phase beyond its 5 day Simple Moving Average. Despite this, Honeywell has formed a "Bearish Engulfing” pattern. Honeywell's recent run now faces a major challenge as concentrated supply is likely found at $215.72 with price action currently $1.21 away.
Overall, looking at the technical analysis landscape, it seems Honeywell might continue pointing upwards in the short term.
A convincing break of this target could pave the way for deeper losses.
'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Vodafone Group is trending down and heading towards $11.47, which is only 8 cents away now. Hitting this support line might signal a change of direction.
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