Jhoefler

$TEN Closes Above Long Term Resistance

Long
NYSE:TEN   Tenneco Inc
On 5/27/20 $TEN closed above a long term resistance level that hasn't been broken since January 16th, 2018. Not only did $TEN break though and close higher than resistance, it did so with gusto, gapping higher on the day. $TEN is also above its 50 day moving average of $4.14 and the 50 day MA is just beginning to slope upward indicating continued short term bullishness. Fundamentally this auto supplier of aftermarket and OE has taken a beating in the last two years which imho has been way overdone. Although this company is levered up to their neck in debt, their long term earning potential will make today's stock price look extremely cheap on any metric if they're able to pay that debt down over time. If they aren't able to service their debt, then they will have to sell off product lines or whole divisions which would only boost the stock price from these levels making it a great win-win scenario.
Comment: CORRECTION: ***On 5/26/20 $TEN closed above.........