Swing Trade - TPC Paper Trading plan for TPC, going off the hammer from 12/20 on the daily chart.
Comment your thoughts.
TPC trade ideas
#TPC short term upsideNYSE:TPC
#TPC
Short term upside based on previous moves
- MACD curving up
- RSI room to go higher
Buy at USD 17.36
1st TP USD 18.39
2nd TP USD 19.23
SL USD 16.80
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TPC stock going up after finally reporting good results Tutor Perini Corp NYSE:TPC stock price plummeted hard in the last year. It went from $17ish levels in Nov19 all the way to its bottom at $2.50 during the market panic this Mar20. Since then the stock is going up (yesterday close at $7.77). Governments across the globe are planning massive infrastructure investments to support their economies. As construction and engineering provider and a government contractor , TPC is in a good position to perform in the upcoming crisis much better than the market ( TVC:SPX , NASDAQ:NDAQ CURRENCYCOM:US100 CURRENCYCOM:US30 CURRENCYCOM:EU50 XETR:DAX ).
The TPC stock has experienced a drawdown throughout 2019. The company was consistently reporting bad results and consecutive Earning Reports ended with a negative surprise.
The hypothesis that government contractors have a good chance to overcome this crisis well is supported by TPC's last Earnings Report. The current uptrend is supported by significantly good results, with a surprise of +0.28 (467%) . This is in line with analyst targets on TipRanks, where TPC is targeted in the range of $16-$18 . Targets at $17ish levels might seem out of bounds given the recent TPC's stock development, however, it is exactly the levels where the stock was several times during 2019, while consistently reporting bad results.
In the upcoming months, we expect the TPC price to be heading towards $11 levels, until the next earnings report. It is definitely a good stock for the upcoming quarter. Whether it grows even more, or even all the way back to $17 will highly depend on upcoming Earning Reports.
In this case, it is necessary to wait for the end of correction.In this case, it is necessary to wait for the end of correction.
Tutor TradeTutor is setting up nicely after breaking out from an inverse H&S bottom. Good entry on a pullback to $13. Potential resistance levels seen on chart. Risk management says stop if a break of the middle of the previous range is broken. I'd set it to follow just below the 50 DMA as it's curling up which should help stall a downward move and give time for re-evaluation if needed.
