Technical Earnings Preview: Honeywell in consolidation before results
The stock has been in a wide-ranging consolidation since April that is largely contained by a high at the $153.50 area and a low at the $141 area. Before earnings, price is closer to the top of the range and was last at $149.15. On a positive surprise, price could test the upper bound of the range. On a breakout above the range high, which would be technically bullish for future price, the next resistance levels to watch as potential upside objectives would be at $154.47, $156.19, $159.14, and the $160 area. The 52-week high is at $165.13. If the news is a negative surprise, there are a number of supports to note as potential downside objectives before the low bound would be met. Supports to watch as potential downside objectives are at $147.37, $144.21, $142.64, and the lower bound of the range at $141. On a breakdown below the range low, next supports to watch would be at $139.79, $137.18, and $136.17.