This afternoon, the leading mining equipment stocks are coming under some selling pressure. Joy Global Inc (NYSE:JOY) is the one bright spot today in the sector, the stock is trading higher by 0.79 cents to $76.71 a share. Please understand that JOY stock is trading at an important near term daily chart support level at $75.00. The stock is also trading below the important 50, and 200 simple moving averages which puts the stock in a weak technical position. Should JOY stock fail to remain above the $75.00 area the next daily chart support levels will be around the $72.00, and $67.00 levels.
Other leading mining equipment stocks are not doing so well today. Leading stocks such as Caterpillar Inc (NYSE:CAT), and Deere & Co (NYSE:DE) are declining lower. All of these stocks should be watched very closely as they are usually a good leading indicator of the global economy.
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Mining Equipment Stocks Are Painting A Different Picture
Published 03/22/2012, 03:10 AM
Updated 07/09/2023, 06:31 AM
Mining Equipment Stocks Are Painting A Different Picture
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