HONEYWELL LOOKING MIXED/BEARISH AFTER NEGATIVE NEWS
Honeywell is currently trading down at $153.77.Honeywell stock closed at $154.08 on Thursday. The stock is on positive mode from the last three trading sessions and has gained about 1% for the same period. The stock closed in the negative territory, the last week. Honeywell constitutes 0.47% of S&P500. S&P500 is currently lower by 0.040%.
In recent news, the International Air Transport Association was pursuing its complaint against Honeywell with the EU antitrust regulators, the IATA said on Tuesday. IATA filed a complaint with the European Commission in 2016 after some of its member airlines were quizzed by regulators about aviation equipment makers in the aftermarket repairs market and whether they abused their dominance. One element of the complaint involved the Honeywell’s auxiliary power unit (APU).
IATA said it was concerned about certain business practices that its members believe limit competition in the market for APU maintenance, repair and overhaul services. Honeywell is the largest producer of gas turbine APU found on many aircraft. Honeywell said it was adhering to the rules.
On the technical front, the RSI is currently at 51.49% and suggests that the market can continue trading sideways. The %K has crossed the %D from below to the upside at 22.95% and suggests that the market can continue trading sideways. The MACD also indicates a reversal of the trend as the fast line is below the slow line while both are above zero. The current market price is below MA20. Overall market sentiment seems to be mixed to negative.
TRADE SUGGESTION-LIMIT SELL AT 154.20 TAKE PROFIT AT 153.40 STOP LOSS AT 154.60