This construction mashinery company entered into strong uptrend since December 2013 after it broke up major consoldation resistance in the mid $80ish area.
Now stock with the whole sector ($MTW, $TEX, $DD, $JOY) showing relative weaknes vs broad market.
I use my 8 and 21 EMA to measure short term sentiment ant to make adjustments if i am positioned. It dropped its 8/21 EMA on 20th of May first time since mid March. And settling for a nice h-set-up which is classical pattern in technical analysis.
Break down below $100.72 may attract more active, swing traders and I expect to see some follow through.
Stop above previous swing high at $104.50 makes this trade attractive from R/R point of view.
Target is $95 previous base support level, 200 EMA.
All traders should manage this trade depend on their time-frame and strategy.
Now stock with the whole sector ($MTW, $TEX, $DD, $JOY) showing relative weaknes vs broad market.
I use my 8 and 21 EMA to measure short term sentiment ant to make adjustments if i am positioned. It dropped its 8/21 EMA on 20th of May first time since mid March. And settling for a nice h-set-up which is classical pattern in technical analysis.
Break down below $100.72 may attract more active, swing traders and I expect to see some follow through.
Stop above previous swing high at $104.50 makes this trade attractive from R/R point of view.
Target is $95 previous base support level, 200 EMA.
All traders should manage this trade depend on their time-frame and strategy.
