Joy Global Inc. manufactures and services mining equipment for the
extraction of coal, copper, iron ore, oil sands, gold, and other
minerals. The Underground Mining Machinery segment produces armored face
conveyors, battery haulers, continuous chain haulage systems,
continuous miners, conveyor systems, feeder breakers, flexible conveyor
trains, hard rock mining products, high angle conveyors, long wall
shearers, powered roof supports, road headers, roof bolters, and shuttle
cars. The Surface Mining Equipment segment produces blasthole drills,
conveyor systems, electric mining shovels, feeder breakers, high angle
conveyors, walking draglines, and wheel loaders. The company sells its
products and services directly to mining companies through a network of
sales and marketing personnel worldwide. Joy Global Inc. was founded in
1884 and is headquartered in Milwaukee, Wisconsin.
Take a look at the 1-year chart of Joy (NYSE: JOY) with the added notations:
JOY was in a solid downtrend from August of last year until March of
this year. After the stock finally bottomed, JOY ended up finding
repeated support at $38.00 (green) over the following 4 months. Now that
the stock is at that support level again, traders should be able to
expect some sort of bounce, most likely back up to the $41 resistance
(red). However, if the $38.00 support were to break, lower prices should
follow.
The Tale of the Tape: JOY has an important level of
support at $38.00. A trader could enter a long position at $38.00 with a
stop placed under the level. If the stock were to break below the
support a short position could be entered instead.
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