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!
HONAUT:- Ascending triangle pattern has formed, wait for breakout, till then keep an eye on the stock
Hello traders,
As always, simple and neat charts so everyone can understand and not make it too complicated.
rest details mentioned in the chart.
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Honeywell Auto is near a 14 year old trendline. It is a log chart.
It has a tendency to trade in flag patterns. Both trendline and flag started in 2009 and is still continuing. Every time before giving a breakout it comes near the line. It has happened in the past twice. Same thing is repeating now.
Therefore it will be interesting to see how everything plays...
Very good channel break out is given, it was respecting four resistance points, now it is out of range which means buyer are strong in it, expected to see minimum 10% to 20% in short term with small stop loss.
please do your own research and investment, if this idea benefits you, please feed a poor. thanks
HONAUT gives a breakout on horizontal trendline resistance and gives a close on above that trendline at the same time giving a Bollinger band breakout too gives a close on upper Band of it so we can see coming bullish momentum in this stock. Bollinger band resistance and next horizontal resistance indicating almost same targets which I tried to mentioned...
Honaut good Breakout in channel pattern good movie in website more than 10% upside move in this channel I find out double bottom pattern in 30 minutes time frame you can check now and by position in retest and correction.
Stock looks good for a bounce up
Disclaimer:
The content of the idea and the interpretation of data are solely my personal views which being said I do not warrant its completeness or accuracy.
This idea published is purely intended for educational and informative purposes, I urge traders to make their own trading decisions based on their specific trading...
Stock prints two consequitive green candles right at the confluence of the white and blue channels and 138.2% fib.extension level suggest that perhaps the stock has bottomed out.....one can start slowly accumulating the stock for good gains in future
📈 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...
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