Honda Daily Chart.

Honda Motor Co. (NYSE:) is extending Wednesday’s powerful breakout. Shares are up more than 2% today as the stock heads for its best weekly close since May, 18, 2018.

Notable: HMC spent April and May trading inside its March range. The stock broke through the top band of this healthy consolidation yesterday.

Despite reaching new 2021 highs, HMC is far from overbought (daily/MACD).

Major support is now in place between $32.00 and $31.50 (March/May highs).

The auto industry is on fire: Ford, GM. And Toyota (NYSE:)? TM has been pushing further into new all-time high territory since early February.

Note: We are long F and GM in some managed accounts.

You can read Gary S. Morrow’s original post here.

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