|HON Daily Chart|
There's very little indication that the climb is being exhausted. Volume continues to be consistent, and On Balance Volume shows an extremely strong upward slope that is indicative of accumulation. The RSI(9) Oscillator on the daily is confirming the overall price action, and the Oscillator is nowhere near its extremes to the high side.
From an Elliott Wave perspective, the stock is in a Wave-(iv) sub-wave at the moment, and there's at least one more major impulse wave to go in the short-term pattern before we reach the top of Wave-3 on the weekly and monthly charts.
|HON Weekly Chart|
It's important to note the bearish divergence in the RSI(9) on the weekly chart, and we're seeing a downward trend in volume as well. On Balance Volume on the weekly continues to rise, however so for now it appears demand remains strong. The slope of the SMA(200) is very healthy and has been consistent since mid-2012.
The trade we see on this chart is to the long side. With a stop just below the channel support line, I'd prefer to catch a pullback to either the EMA(10) or to that trend line, however I'm willing to enter long from here if I see a sign of strength coming off the open. While there's a bit of resistance at $120, it's extremely week and not likely to hold once the next impulse starts. That's a wave we'll try to catch early.