NEW BULLISH Plays
Manitowoc Co., Inc - MTW - close 10.27 change +0.18 stop 9.65
Target(s): 11.00, 11.25, 11.50
Key Support/Resistance Areas: 11.50, 11.25, 11.00, 10.00, 9.70
Time Frame: 1 to 3 weeks
The Manitowoc Company, Inc. (MTW) is a multi-industry, capital goods manufacturer. It operates in two markets: Cranes and Related Products (Crane) and Foodservice Equipment (Foodservice). Crane is the provider of engineered lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. The Crane products are marketed under the Manitowoc, Grove, Potain, National, Shuttlelift, Dongyue, and Crane Care brand names. Yhey are used in a range of applications, including energy and utilities, petrochemical and industrial projects, infrastructure development, such as road, bridge and airport construction, and commercial and high-rise residential construction. Foodservice is engaged in manufacturing of commercial foodservice equipment serving the ice, beverage, refrigeration, food-preparation, cooking needs of restaurants, convenience stores, hotels, healthcare, and institutional applications..
Why We Like it:
MTW has pulled back to its rising 20-day and 50-day SMA's which I think will be a spring board for a move higher up towards its 200-day SMA. I suggest readers initiate long positions at current levels. Our targets range from +6.5% to +12% higher from current levels. Our stop is below both of the aforementioned SMA's and a prior support level from June.
Suggested Position: Long MTW stock at current levels.
Options Traders: Buy November $11.00 CALL, current ask $0.55
Entry on September XX
Earnings 10/28/2010 (unconfirmed)
Average Daily Volume: 1.9 million
Listed on September 25, 2010