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Nearest Resistance: $78
Nearest Support: $74
Catalyst: Positive Guidance
Westinghouse Air Brake Technologies (WAB) -- better known as Wabtec -- is playing a more positive note in today's session. The company is getting heavy search volume today after announcing that management expects first quarter earnings to come in at $1.20 per share, with full-year profits weighing in at around $4.80.
Investors are reacting well to the announcement, bidding Wabtec shares up by more that 6.5% this afternoon.
Wabtec is currently in the middle of an uptrend that's rallied shares more than 28% in the last six months. From a technical standpoint, a break of $78 resistance would be a significant price move -- the last time buyers tried to put in a new high above that price, bids got overwhelmed by selling pressure as shareholders tried to take gains.
A move above $78 indicates that buyers are definitively in control; I'd wait until that happens before becoming a buyer.