Covanta Holdings (CVA) reported earnings Wednesday night, meeting the street expectations on EPS but light on revenue. I like this stock because it is a good old fashioned business, garbage collection and headquartered about 10 miles from where I grew up in New Jersey. But those are not reasons to buy the stock.
What makes it interesting to me is that the stock broke a range between 16.80 and 17.75 during trading Wednesday and has held the bid after reporting, although little has traded. It has a Relative Strength Index (RSI) that is bullish and rising and a Moving Average Convergence Divergence indicator (MACD) that is positive and growing. It is also trading above its 50, 100 and 200 day Simple Moving Average’s (SMA).
Covanta Holdings, (CVA)
Translation: The technicals support further upside price movement. The target on the break of the channel is a move to 18.70 first and then a Measured Move to 19.20. But glancing at the 3-box reversal Point and Figure chart, it has a much higher price objective of 27 on a triple top breakout. Use the top of the previous channel as a stop in case of a false break out and enjoy the ride.
Disclaimer: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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The Garbage Trade
Published 10/18/2012, 03:31 AM
Updated 05/14/2017, 06:45 AM
The Garbage Trade
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