As far as technical analysis is concerned, today's trade was at the bottom of the worst conceivable trend line.
Of particular interest is a strong support level that held firm in early February at a very similar level to today's prices. Another indication of support is that there was huge volume today, even after subtracting Jacobs sale.
If the SP goes down further, then the next major support level is at $9.10. If this is the direction it is going then there must be something seriously wrong at WOR that has not been disclosed. The dividend yield is enough to support a price above $10.00.
In summary, the SP now appears to be at a strong technical support level. Perhaps this may have influenced the price that Jacobs was able to achieve.
Now some fundamental analysis. Did Jacobs sell today because they needed the money, or because they know something or think WOR is going lower? The answer to this question is probably more critical than any technical analysis.
WOR Price at posting:
$9.79 Sentiment: Buy Disclosure: Held
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