North American Construction Group Ltd. (TSX: NOA)

Company Overview: North American Construction Group Ltd (TSX: NOA) is Canada's provider of heavy civil construction and mining contractors. The company has provided services to the oil, natural gas, and resource companies.

As per the previous recommendation on NOA on 04 November 2022, a ‘Spec Buy’ rating was given on the stock at

CAD 17.14, and noted below are the details of support and resistance provided in the previous report:

Recommendation Summary as on 04  November  2022

NOA Daily Chart

Considering the resistance, current trading levels and risks associated, it is prudent to book profits at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the closing price of CAD 19.72 (as of February 6, 2023).

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is February 6, 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.

Disclaimer 

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