The USD 12.2 support area, currently tested, might facilitate a technical rebound. The company’s fundamentals could validate this scenario.

The security follows a downward trend in the short term, under the USD 13 resistance area. In the mid-term, the trend is neutral. The stock is trading within a range between USD 12.2 and USD 13.9. Modine Manufacturing is not likely to continue its downtrend because it is near the strong USD 12.17 support and oversold.

Therefore, it seems opportune to open a long position on Modine Manufacturing at current prices. A confirmation of this pattern would enable the security to reach the USD 13.1 resistance. Investors should not insist below the USD 12.17 and a stop-loss order should be placed under this threshold.