Market Overview

Aegion AEGN Technical Breakout

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Aegion Corp specializes in rehabilitation of sewer, water, energy, and mining piping systems. As of November 2, 2012 AEGN has bought back $5 million worth of stock, as well as, receiving a large $30 million contract from Baltimore. Aegion’s stock closed Friday at $22.94 signaling a breakout over the most recent $22 resistance continuing its uptrend from November 2011.

 

The broken $22 resistance should act as new support moving forward.

 

Hourly chart shows a new range forming between $22.50 support and $23 resistance.  Over $23 will bring more upside.

 

Head over to The Smarter Investor for more actionable technical analysis.  Original article HERE.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Markets Trading Ideas

 

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