Ball Bearings. Not a complex industrial item. But in the industrial space you don’t need to make complex products to do well. Timken (NYSE:TKR) makes ball bearings. It started with Henry Timken in 1899, and now they make a lot of other things too. They are a local company headquartered in Canton, Ohio, so they get some of my attention all the time.
But when the chart of the stock price is behaving well the company gets a bit more of my attention. This is one of those times. The chart below shows the price moved higher off of a low in January, topping out over 37 in April. Since then it pulled back and consolidated before a send drop. That had it pass through a 50% retracement of the move higher.
But since then it has been moving higher. A surge up and then a bull flag. It has done this 3 times, and Tuesday sees it breaking the latest bull flag to the upside. A Measured Move would see it retest the April high.
The momentum is on its side. The RSI is bullish and rising while the MACD is about to cross up again. The Bollinger Bands® have not opened yet though, and the price is right at a resistance zone that has capped it for the last 4 months. A break of that resistance with opening Bollinger Bands would be a buy signal.
Disclaimer: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the blog, please see my Disclaimer page for my full disclaimer.