Hi,
An bullish on-neck Breakout pattern emerged on the daily chart of NSE:HONAUT
MACD on daily, weekly and monthly time frame is on the bullish side and also expecting the bullish setup to continue.
Level of Entry, Exit & Stop loss mentioned on the chart.
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This idea is for educational purpose only.
Honeywell Automation is trading in a triangle channel and Klinger is showing bearish divergence on monthly charts.
It can breakout on either side and target of 52800 or 21458 can be seen in coming year.
For trading the triangle channel bottom and top can be used.
A triangle pattern is being formed on weekly/monthly charts of Honeywell Automation and if price breaks out on the positive side with good volumes then a buy trade can be initatiated with a healthy upside till around 65000.
Please make sure to keep a stoploss and even trail it along with proper position sizing and adequate risk management!
📈 HoneyWell Auto 📉
My Findings :-
1. Breakout from a Resistance Zone after testing three times.
2. Close above March high.
3. Double Bottom Formation.
4. Higher High and Higher Low formation.
Bias- Long
Target- 42270, 43302, 44885 and 46110
SL- 39450
RR- 1: 2
All Important Supports and Resistances are drawn in chart.
All levels are of Spot and on closing...
