Tenneco Inc (NYSE:TEN) is a leading auto parts manufacturer that has been pulling back over the past couple of months. The stock price peaked out on February 7th at $70.96 a share. Currently, Tenneco Inc (NYSE:TEN) stock is trading around $58.68 a share.
While many traders and investors will see this stock as a bargain the stock could still be susceptible to further downside in the near term. Traders should watch the $55.00 area as excellent chart support. This is where the 50-week moving average is currently at on the chart. It is also where the stock based sideways before breaking out to the upside in November 2016. This chart formation tells us that the $55.00 area is the institutional buy level for Tenneco stock.