Granite Construction was selected for $52 million Tucson airport contract: Can GVA break above $134.71?

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Granite Construction stock edges lower today

Highlights

Granite Construction secured a $52 million contract to execute airfield safety improvements at Tucson International Airport, focusing on both commercial and military aviation upgrades.
Shares of Granite Construction edged lower, trading at $132.39, with the company remaining unprofitable at a trailing net loss of $164.9 million and basic EPS of -$4.31.
Analysts remain generally positive on Granite Construction stock with 14 of 18 rating it a buy and a median price target of $177.5.

Granite Construction was selected for a $52 million construction manager at risk contract to improve airfield safety at Tucson International Airport. The agreement was awarded by the Tucson Airport Authority and centers on safety upgrades supporting both commercial and military aviation. Granite Regional VP Derek Betts said their long-standing partnership with the Tucson Airport Authority and experience delivering complex airfield projects position the company to complete the final phase of the program, according to Stock Titan.

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Bullish structure holds as rally meets stretched RSI reading

RSI at 75.4 is in overbought territory, a stretched reading that limits room for further upside. Shares of Granite Construction continue to hold above their MA-20, MA-50, and MA-200, maintaining a bullish daily structure. The nearest resistance is the weekly high at $134.71. The move over the past week has been sharp but has not established a sustained trend.

Upside odds dominate as traders watch the weekly high

A close above $134.71 would show buyers are willing to follow through. The overbought RSI reading at 75.4 suggests that the price has become stretched, limiting the room for further upside. Still, from here, there is a 78% probability of upside and a 22% chance of downside over the next five trading days, with an expected trading range of $121.99 to $142.78. A drop below $126.64 would show the move is being faded. On the weekly chart the longer-term picture stays constructive.

Earlier, analysts noted that Granite Construction was exhibiting persistent bearish momentum with limited prospects for a near-term reversal. The current technical setup contrasts with previous observations, as the prevailing scenario remains bullish above support at $126.64, with a close above $134.71 acting as a key level to confirm further upside.

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