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  1. Home
  2. / Investing
  3. / Stocks

I'm Looking to Buy Manitowoc on a Pullback

Here's my strategy on MTW shares.
By BRUCE KAMICH
Mar 31, 2021 | 12:42 PM EDT
Stocks quotes in this article: MTW

During Tuesday's Lightning Round of Mad Money one caller asked Jim Cramer about Manitowoc Inc. (MTW) . "I like this company," said Cramer referring to the maker of cranes and other heavy machinery.

Let's check out some up-to-date charts on MTW. 

In the daily bar chart of MTW, below, we can see that the shares bottomed out in the $8-$7 area back in April to November. MTW has rallied to triple in the last five months. The slope of the 50-day moving average line is positive and so is the slope of the 200-day line.

Trading volume has been active since November and even heavier in March. The On-Balance-Volume (OBV) line has been rising the past 12 months but has leveled off this month suggesting a balance between aggressive buyers and aggressive sellers.

The Moving Average Convergence Divergence (MACD) oscillator has crossed to the downside for a take profit sell signal. 

 
 
In this weekly Japanese candlestick chart of MTW, below, we can see that prices have emerged from a base pattern. It is up for debate where the "neckline" of the base intersects -- it could be around $15 or it could be $18. This detail could be important if prices pullback to retest the top of base or the breakout -- do we pullback to $18? or $15? 
 
The OBV line looks like it has made a near-term peak and the MACD oscillator is narrowing.  
 
 
In this daily Point and Figure chart of MTW, below, we can see a potential upside price target in the $25 area. 
 
 
 
In this weekly Point and Figure chart of MTW, below, we can see a $33 price target. 
 
 
 
Bottom-line strategy: Traders could look to go long MTW on a pullback to $18 risking just below $15. Our upside price objective is $33. 
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TAGS: Investing | Stocks | Technical Analysis | Construction & Engineering | Industrials | Mad Money

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