Leading diversified technology and manufacturing company Honeywell International (NYSE:HON) has been under pressure since late January. The stock topped out on January 29, 2018 at $165.13 a share. Since that high, shares have declined sharply lower. Today, HON is trading at $146.40. Traders should note that the important 200-day moving average was tested last Friday, which means that the stock should see more downside in weeks to come.
Support Watch
The next major support level for HON is around $139. That's where the stock broke out in September 2017. As many of you know by now, prior breakout levels will serve as very good support when initially retested.