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Joy Global Breakout
Yes, Joy Global, Inc. (JOY) did in fact break out to the upside in reaction to last week's QE love-fest.
The stock climbed above key 3-month resistance at 58.50, and continued to Friday's high of 63.68.
Let's notice that the declining 200-day EMA is bearing down on the rising price structure, which, in the absence of a powerful fundamental driver, likely will represent a serious impediment to upside continuation in JOY.
In addition, let's notice that the China Shanghai Comp (SHCOMP) remains very subdued, which might explain the underperformance of the steel, iron ore, and coal names.
If China growth does not pick up, can JOY continue to climb?
