Honeywell Makes New All-Time High After Q1 Beat
Honeywell International Inc. (NYSE: HON) shares are trading higher by $3.65 at $127.42 in Friday's session.
The catalyst for the gain is a Q1 EPS beat of $0.09 along with a $170 million beat for revenues.
After a much higher open, Honeywell's stock had a brief retreat but found support well ahead of the top of Thursday's range ($124.60) at $126.10 and continued its move higher. Once it cleared the multiple highs from mid-March, including the former all-time high ($127.52), the pace of the rally accelerated. The continuation rally took the issue to $128.30, but has fallen back into the $127.00 handle.
If the former resistance area at $127.50 doesn't provide support on the pullback, there may considerable downside action in the issue. In order to post a new all-time closing high, it will need to end the session above its March 1 close of $127.25.
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