Big Gains for Chicago Bridge & Iron
Heavy volume is propelling Chicago Bridge & Iron (CBI) sharply higher today. The construction/materials company, which has a strong presence in the energy sector, is up more than 8% following last night's impressive second-quarter report. Today's bullish action began with a powerful gap-higher open before extending the surge past the June highs. Volume has been heavy since the bell, and this will likely be the stock's heaviest upside day of the year by the close.
CBI has been consolidating below its 200-day moving average since mid-May. The stock broke down earlier in the month, leaving behind an ominous-looking top near the April peak. Support near the flat-lining 200-day did little to slow the decline. Once the stock fell through support, the selling accelerated, driving CBI to fresh 2012 lows. ...256 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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