Manitowoc (MTW) Sets Up a Near-Term Pullback

It may only be good for a couple of points, though that’s not bad for a swing trade. And, the right put option on Manitowoc Co. Inc. (NYSE: MTW) may leverage the move by quite a bit.

The downside move isn’t anything a long-term or position trader would care about. However, with Manitowoc Co. Inc. shares just peeling back from the upper edge of a trading range after becoming overbought, odds are strong that they’ll revisit the lower edge of the same trading range within a few weeks. By that point, that support line could be around $11.00.

Boring and minimal? To most, yes. To a swing and day trader, this is a prime setup.