More Upside for Chicago Bridge & Iron ?

Published on Wednesday, 22 February 2012 11:34 Written by TradersHuddle Wire

New York, February 22nd (TradersHuddle.com) - Shares of Chicago Bridge & Iron Company N.V. (NYSE:CBI) booked a new 52 week high today by trading above $45.12, traders are definitely monitoring Chicago Bridge & Iron's price action to see if this move attracts further buying into the stock.

Chicago Bridge & Iron Company N.V. (NYSE:CBI) designs, engineers and constructs some of the largest energy infrastructure projects in the world. The company also fabricates, erects, and repairs steel plate structures and their associated systems. It builds and repairs bulk liquid terminals, storage tanks, process vessels, and low temperature and cryogenic storage facilities.

Chicago Bridge & Iron is currently trading -0.99% versus its previous trading session close, and it has calculated support and resistance at $42.51 and $45 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading lower by -0.18% from its previous trading close, which means that Chicago Bridge & Iron stock is underperforming the overall market.