Honeywell Stock are Struggling to Keep the Upside Momentum
Stocks of Honeywell International (HON), an American aerospace corporation, fell below the ascending channel support that was established on March 18, 2020. Prices dipped to $174 per share in October 2023 but returned within the ascending channel. It seems that they will do the same this time as well. Prices appear to be recovering towards the support already. The dynamic nature of Honeywell's business provides additional support for its stocks. I don’t set high targets, but a 12-13% rise to $225-230 per share I see as plausible. Stocks may even hold on to the support of the channel that will lead them to this target in the next 2-3 months. The stop-loss could be placed at $173, which is the lows of October 2023.
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