Honeywell (HON) Headed to $50
09/17/2009 12:01 am EST
Honeywell International (HON) - This diversified technology and manufacturing company, which operates in the areas of aerospace, automation and control solutions, specialty materials, and transportation systems, tripled in price from late 2002 to early 2007.
But, in June 2008, the stock broke support and plunged. By November, it was trading for less than $24.
Since then, HON has established a solid "W" base with support at the 200-day moving average at $32.
On July 23, at $33.44, I said, "A break above the double top at $36 could result in a target of $50."
We've now got the break, and we'll stick with the price objective of $50.
By Sam Collins of OptionsZone.com