Manitowoc Co Inc. (MTW) has been a weak stock for a long time. The maker of maker of cranes and other machinery got unwanted attention when investor Carl Icahn sold shares back in February before the phrase "steel tariffs" became cocktail talk. Prices sank to new lows this month so let's see what the charts look like now.
In this daily bar chart of MTW, below, we can see that prices are below the declining 50-day moving average line and the weak 200-day moving average line. The daily On-Balance-Volume (OBV) has hit a new low for the move down and the 12-day price momentum study does not show a current bullish divergence.
In this weekly bar chart of MTW, below, we can see a bearish picture of price trends and indicators. Prices are below the declining 40-week moving average line. The weekly OBV line made a new low for the move down telling us that sellers of MTW have been more aggressive. The weekly Moving Average Convergence Divergence (MACD) oscillator is in a bearish configuration below the zero line.
In this Point and Figure chart of MTW, below, we can see a downside price target of $18.21.
Bottom line strategy: MTW is weak and there are no technical signs of a bottom yet. Avoid.