Mining Equipment Stocks Nearing Oversold Levels
This morning, the leading mining equipment stocks are trading lower again. This important sector has been very weak on charts since topping out in early January. One of the leading stocks in the mining equipment sector is Joy Global Inc (NYSE:JOY). Today, JOY stock is trading lower by 0.59 cents to $52.84 a share. Short term traders can watch for intra-day support around the $52.50, and $52.00 levels. The daily chart of JOY is signaling support around the $50.00 level.
Some other leading mining equipment stocks that remain weak at this time include Caterpillar Inc. (NYSE:CAT), Deere & Company (NYSE:DE), and Komatsu Ltd (ADR)(PINK:KMTUY). The recent decline in the gold, copper, and other precious and industrial metals has certainly hurt the mining equipment stocks. All of these leading stocks are nearing oversold conditions so short term technical bounces can occur at any time.