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Granite Construction secures progressive design-build contract: Will GVA hold the MA-20?
Granite Construction has been awarded a contract by the University of Washington to improve transit access and safety along the Burke-Gilman Trail. The stock is up 1.6% on the day at $123.99.
Highlights
- Granite Construction secured a contract for transit access and safety improvements at the University of Washington's Burke-Gilman Trail.
- Shares of Granite Construction are up 1.6% on the day at $123.99 with a market value near $5.51 billion.
- 13 of 17 analysts rate Granite Construction stock a buy, with a median price target of $177.5, 43.1% above current levels.
Granite Construction has secured a progressive design-build contract from the University of Washington. The contract covers safety and efficiency improvements on the Burke-Gilman Trail Transit Access project. The company operates in engineering and construction, employing 2,500 people.
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Short-term support as price reclaims MA-20 amid oversold readings
Price reclaimed the MA-20 at $123.59 during the session after closing below it. Shares of Granite Construction are currently holding just above this moving average, offering near-term support. The broader chart shows a split daily structure, with price below the MA-50 and MA-200 but still above the MA-20. Stoch RSI is in oversold territory, a stretched reading that limits the room for further downside and may support stabilization.
Downside probability dominates as traders monitor the $123.59 level
Traders should watch to see whether price can hold above $123.59 to determine if the recent move has staying power. During the session, the stock managed to move back above the MA-20 at $123.59 after previously closing beneath it. Even so, despite a contained move within a narrow range over the past week, the forward picture for the coming trading week shows less than 20% probability of upside and more than 80% probability of downside, with an expected trading range of $122.16 to $125.81. A close above $125.51 would show buyers are willing to follow through, while a drop below $123.59 would indicate the move is being faded. On the weekly chart the longer-term picture stays negative.
Previously it was reported that Granite Construction was experiencing persistent bearish momentum with limited prospects for a near-term reversal. The current price move above the MA-20 introduces a critical test for short-term stabilization, with traders advised to watch for a sustained hold above $123.59 as the key level that could signal further direction.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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