TheChartereds

Honeywell: Honey's Well or Unwell?

TheChartereds Updated   
NSE:HONAUT   HONEYWELL AUTO IND
- 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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Disclaimer: We are not registered advisors. The views expressed here are solely personal opinions. Irrespective of the language used, Nothing mentioned here should be considered as advice or recommendation. Please consult with your financial advisors before making any investment decisions. We like everybody else, have the right to be wrong :)
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And this is why we always teach our students to invest in companies that do not have any foreseeable red flags. Be it on the chart or in the fundamentals of the company.
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Current Price Action:

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We have reached the game zone. If it takes support from the zone, we may see a bounce back. The price is below the Psy. Support of 40000.
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Taking support from the game zone
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Crucial Price Point:
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Ultimate Support
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The support zone held strong
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