Honeywell: Honey's Well or Unwell? - If you are a layman with some knowledge of charts and price action, This chart looks good, Doesn't it?
- It finally broke the trendline starting in March 2021. Breaking a 2-Year Trendline
- With Bulls charging the markets, everything looks lucrative. Now that investors are getting greedy, Caution is advised.
- If you look closely, The price is taking resistance at a crucial resistance zone. See the long wicks on all the prior tests of this zone?
- Say the price breaks and sustains over it, we have another resistance waiting at a mere 5% up move.
- Will it be able to break both resistances in one go? Maybe, Maybe Not.
- Is it wise to enter now and hope that it does? Or should we wait for both resistances to be taken out and let the price sustain over it?
- I would go with the latter.
- Don't get me wrong. I like this company. I just don't like the price action at this point.
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