POWL - Powell Industries: Chase Now And Be Prepared For More Pain
2024-03-21 13:30:00 ET
Summary
- Powell Industries stock has experienced a stunning reversal over the past month, falling into bear market territory.
- Powell has significant exposure to the oil and gas industry. The uncertainties are worsened by potential delays related to LNG projects.
- POWL investors who bought into its initial post-earning surge might be forced to bail out quickly if selling pressure intensifies.
- I urge investors looking to buy POWL to abstain from jumping in right now, as it could entail even more pain.
Powell Industries, Inc. ( POWL ) investors have likely been surprised by the stunning reversal in POWL over the past month since Powell's earnings release in late January 2024. Accordingly, a post-earnings surge saw POWL take out new highs at the $198 level through early March. However, that proved a significant distribution zone, as earlier investors likely saw a "glorious" opportunity to cash in on substantial gains....
Powell Industries: Chase Now And Be Prepared For More Pain