The Greedy Trader Weekly Analysis
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Weekly Pattern:Broadening Ascending Wedge
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Chart Analysis and Chart Pattern Recognition – Broadening Formations

Broadening Formations, including Broadening Ascending Wedge, present inverted triangle patterns. They start with narrow fluctuations, and then widen out between diverging boundary lines. The pattern, where one of the boundary lines is horizontal, is referred to as a right-angled formation. Broadening formations usually mark the reversal when confirmed by other technical indicators.
Broadening formations Screening page presents a list of stocks forming Broadening formation Pattern.
Tips:
# 1
As a reversal formation, Broadening formation Pattern appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators. This situation usually generates divergence on long-term indicators.
# 2 For the best results, chart patterns and trend resistance support should be considered together with other technical analysis signals and technical trading techniques.

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- 3/15/2024 -
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Honeywell Int'l Inc. (HON) Technical Analysis

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Summary:
Weekly :Overbought sectorWeekly  MACD line has moved below its signal lineTrend resistance at 199.89
Daily :Daily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SARPrice has crossed below the 50 Day Moving AverageWilliams' Percentage Range is oversoldThe price has declined below the moving average in the center of the Bollinger BandsThe Bollinger Bands are historically close together
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It was the negative week for the Honeywell Int'l Inc. (HON). During the week, the HON dropped -3.06 points, or -1.52%, and closed at 197.69 on Friday, March 15, 2024. Weekly volume was 33% above average.

HON is a member of Industrials Sector. Industrials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See HON long-term trend chart]
A long-term downtrend had started on August 2, 2021 at 236.86 and reached 166.63 on September 30, 2022. HON lost 70.23 points, or 29.65%, in 60 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 177.82 and resistance is at 205.39. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a long-term trend.

Medium-term trend: [See HON medium-term trend chart]
A medium-term downtrend had started on November 25, 2022 at 220.96 and reached 174.88 on October 26, 2023. HON lost 46.08 points, or 20.85%, in 47 weeks. The chart has formed a Falling Channel chart pattern. The price is near the trend resistance line (199.89). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See HON weekly technical indicators chart]
Weekly technical indicators are neutral.

During the last week, weekly MACD line has moved below its signal line. Such crossover is considered a bearish signal. Use the following link to access a MACD help.

Short-term trend: [See HON short-term trend chart]
A short-term uptrend had started on February 1, 2024 at 189.66 and reached 203.91 on March 8, 2024. HON gained -14.25 points, or -7.51%, in 36 days. The chart has formed a Rising Wedge chart pattern.

Daily Technical Indicators: [See HON daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Williams' Percentage Range help.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands (3.01%) is close to one year low (3.06%). It is 57.30% lower than one year average. It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

During the last week, the price has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 46.13
Williams' Percentage Range (W%R) 84.00
Oversold
Lane's Stochastic (%D-Slow) 37.11
Greed/Fear Indicator (GFI) 33.07
Moving Average Converg./Diverg. (MACD) 0.13
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 53.43
Williams' Percentage Range (W%R) 39.80
Lane's Stochastic (%D-Slow) 44.12
Greed/Fear Indicator (GFI) 50.07
Moving Average Converg./Diverg. (MACD) 1.59
Trading Signals
Description Value Chart
Yearly Trendline Resistance 205.39
Parabolic System 203.93
Monthly Trendline Resistance 203.19
Upper Bollinger Band 201.85
Quarterly Trendline Resistance 199.89
50 Day Moving Average 199.27
20 Day Moving Average 199.15
Weekly Stochastic Crossing 198.29
Daily Stochastic Crossing 197.91
Monthly Trendline Support 197.79
Price 197.69
Lower Bollinger Band 195.91
Yearly Trendline Support 177.82
Quarterly Trendline Support 168.42
Sector and Industry
Description Name Rank
Sector Industrials 12
Industry Industrial Conglomerates 49
Daily Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Low 189.66
Low Date 02/01/2024
High 203.91
High Date 03/08/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 210.61
High Date 01/02/2024
Low 189.66
Low Date 02/01/2024
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Test Support
Resistance 203.19
Support 197.79
Low 174.88
Low Date 10/26/2023
High 210.61
High Date 01/02/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Falling Channel
Status Test Resistance
Resistance 199.89
Support 168.42
High 220.96
High Date 11/25/2022
Low 174.88
Low Date 10/26/2023
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Valid
Resistance 205.39
Support 177.82
High 236.86
High Date 08/02/2021
Low 166.63
Low Date 09/30/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.