Tenneco Inc (NYSE:TEN) is a leading auto parts
manufacturer that has been pulling back over the past couple of
months. The stock price peaked out on February 7th at $70.96 a
share. Currently, Tenneco Inc (NYSE:TEN) stock is trading around
$58.68 a share.
While many traders and investors will see this stock as
a bargain the stock could still be susceptible to further downside
in the near term. Traders should watch the $55.00 area as excellent
chart support. This is where the 50-week moving average is
currently at on the chart. It is also where the stock based
sideways before breaking out to the upside in November 2016. This
chart formation tells us that the $55.00 area is the institutional
buy level for Tenneco stock.
Nicholas Santiago
InTheMoneyStocks
