Joy Globals share price was heavily penalized and is now in an oversold situation near to a solid support area.
According to Surperformance rating, the company is an opportunity for a trading strategy. Indeed, it is a good compromise between its value and its visibility.
Technically, the security fell sharply for several days. This fall has led the stock towards the USD 52.7 support area which could become useful as a stepping stone for a technical rebound. The target of this bullish trend is the USD 58.15 resistance. Even though moving averages are still in a bearish trend, the oversold situation could encourage a renewed interest in Joy Global' stock.
Considering technical and fundamental elements, it seems to be an appropriate timing to take immediately a long position in order to benefit from the USD 52.7 support area. A first target price will be the USD 58.15 resistance. A stop loss order will be placed under the long term support.
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