Carrier Global is an American corporation based in Palm Beach Gardens, Florida. Carrier was founded in 1915 as an independent company manufacturing and distributing heating, ventilating and air conditioning (HVAC) systems, and has since expanded to include manufacturing commercial refrigeration and foodservice equipment, and fire and security technologies.
As of December, it was a U$ 32.5 billion company with over 53,000 employees serving customers in 160 countries on six continents. Carrier was acquired by United Technologies in 1979, but it was spun off as an independent company 41 years later in 2020.
Below we have a relative performance matrix. The Green zone represents the top quartile of stocks in the S&P500 performance in the last year. CARR is represented by the blue line and is still a top performing stock in the S&P500.
The recent consolidation from it’s high just over $41 appears to be a well behaved rest after a solid up move. With our average cost at $26.71 we are in a gain position of 40% as of Thursday’s close. Our stop loss will come in if it loses relative strength by dropping into the yellow zone in the matrix above, or possibly near the $50 Day Moving Average (blue line in chart below) depending on market conditions at the time.
Please reach out if you have any questions.
Peter Schenk, CMT