HONEYWELL AUTO IND attempting breakout from 3-year consolidation

15 thg 5, 2024

HONEYWELL AUTO IND: on the monthly scale it is attempting a breakout from its over 3-year consolidation. Relative strength to CNX 500 started moving up (purple arrow) as volume too is rising over the last 6 months. Momentum indicator, RSI, is trading above 60 (bear resistance zone) first time after the consolidation low in May, 2022. Also, during the entire consolidation RSI never traded below 40 (bull support zone). Breakout above 50,000 can see some good rally in the counter with potential to test 70,000 levels in the coming months.

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