Chicago Bridge & Iron Company N.V. provides conceptual design, technology, engineering, procurement, fabrication, construction, and commissioning services to customers in the energy, petrochemical, and natural resource industries worldwide. The Steel Plate Structures segment offers engineering, procurement, fabrication, and construction services, including mechanical erection services for the hydrocarbon, water, and nuclear industries. The Project Engineering and Construction segment provides engineering, procurement, fabrication, and construction services for upstream and downstream energy infrastructure facilities. The Lummus Technology segment offers licenses, services, catalysts, and proprietary equipment for the hydrocarbon refining, petrochemical, and gas processing industries.
To review Chicago’s stock, please take a look at the 9-month chart of CBI (Chicago Bridge & Iron Company N.V.) below with my added notations:
CBI has been trading sideways for the last month or so. Over that period of time, the stock has formed a clear resistance level at $80 (blue). In addition, the stock has also created a strong level of support at $75 (green) that has held since the 2nd week of November. At some point the stock will have to break one of those two levels.
The Tale of the Tape: CBI has clear levels of support ($75) and resistance ($80). The possible long positions on the stock would be either on a pullback to $75, or on a breakout above $80. The ideal short opportunity would be on a break below $75.
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