Honda Likely To Drop on Weak Earnings

Honda Motor Co Ltd (NYSE:HMC) quarterly earnings are expected to fall as a result of the strengthening yen. The Japanese car maker has also been hit by natural disasters that disrupted its supply chain and production schedules. Among several research firms covering HMC, two analysts have rated the stock a sell, one has assigned it a hold rating, and three have rated it a buy. Honda Motor Co presently has a consensus price target of $32.23. On the hourly chart, the stock closed the last trading session at 27.61, a 0.55% increase from the previous close. RSI is hovering near the average level of 50, indicating an unclear direction. HMC is likely to continue rising toward the resistance at 27.75 before correcting back down.

Trade suggestion

Sell at 27.70, Take profit at 27.57, Stop loss at 27.83

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