Honeywell International Share Price Analysis: Who Should Invest?

• The HON stock is up by 2115% in the overall time frame. The company made a profit of 914.6 cr in the first quarter of 2023.
• Honeywell International Inc. was founded in 1906 by Mark C. Honeywell. The stock of the company is listed on the National Association of Securities Dealers Automated Quotations(NASDAQ).
• This company’s net income was 148.7 cr in the first quarter of 2023, which is very good in terms of numbers.

 

HON is an American multinational conglomerate company. The company have 4 business that are-

1. Aerospace
2. Technology Building
3. Performance Materials and Technologies (PMT)
4. Safety and Productivity Solutions (SPT)

The stock was up by 18.7% in the past 5 years. The stock has given good returns to its investors. It may continue to give more returns in the upcoming days.

Last year the stock was down by (2.42%), which is not good but the numbers on the positive side are big.

Overall the stock is in uptrend. The chances of getting good returns from this stock can be expected to be high.

Technical Analysis of HON (Yearly)

 

The stock on the uptrend line is moving up only. Near the current market price, it is retracing. It was down by (5.68%).

 

A retracement is a part of the correction. The market forces do these corrections. Market forces refer to the demand and supply of any particular commodity.

 

The stock can continue its up movement in the upcoming trading session. The stock currently is in the correction zone.

 

The pattern in the rectangle represents “Bearish Engulfing” which is a technical chart pattern.

 

It signals that prices will start to fall in the upcoming trading session. The pattern indicates that the uptrend will come to an end.

 

The investors can sell some of their quantity here to book some profit. They can use trailing stop loss in case of a heavy fall in the price.

Technical Analysis of HON (Monthly)

 

The stock is in uptrend and can retrace till it takes support from the trend line in the future. 

HON’s value is near the current market price. It can be used as an opportunity to invest in the stock. From 2009 the stock is performing well on the chart. 

 

In the monthly time frame, the stock was down by (2.68%) in the last month. 

The three black crows confirm that the stock will move in a downward direction. It may perform well in the future by making another support point.

 

The stock is good for big-period investment or long-term investment. Investors can invest their money in this stock because of the up movement. 

 

This stock can give good returns to its investors. This stock has the potential to perform well in the future.

Technical Analysis of the HON Stock (Weekly)

In the weekly time frame, the stock is in a sideways position. The chances of breakout in the up direction are not possible.

The stock sustains at the resistance level, but it is unable to break it. In the case of a downward breakout, it is possible because it has broken the support line in the past.

Technical Analysis of the HON Stock (Daily)

It is the same as it was in the weekly time frame. For intraday traders, it can be used as an opportunity for investment.

The stock has the power to provide good returns in the upcoming trading days.

Conclusion

Through the analysis of the stock with the help of technical analysis, we can withdraw that overall the stock is in an uptrend position.

In the monthly time frame, it was in an upward direction which can help to earn good returns.

So the stock does have the potential to generate a good amount of return on the investment made by the general public in the daily time frame.

Technical Level

• Resistance Level- $216.9
• Support Level- $185.04

Disclaimer

The analysis is done for providing information through technical analysis and no investment suggestions are given in the article to be made by investors. The stocks need proper study. So investors should have proper knowledge. Stocks are preferred more than the cryptocurrencies. The stocks are very safe for investment purposes.