These Truckers Are A-Huntin Bears
- Posted by Greg Harmon
- on March 13th, 2012
“Mercy sakes alive looks like we got us a convoy….” It started with Old Dominion Freight Line, $ODFL, aka “Rubber Duck”, breaking a bull flag higher in the middle of last week. The clean break and run higher has left it with a Relative Strength Index (RSI) technically overbought, over 70,
Old Dominion Freight Line, $ODFL
but the Bollinger bands are expanding and the Moving Average Convergence Divergence (MACD) indicator support more upside. Watch for it to put the hammer down. And then J. B. Hunt Trucking, $JBHT, PigPen, joined breaking over resistance today. This is just getting started with a bullish RSI
J. B. Hunt Trucking, $JBHT
and a MACD that has crossed positive. It has a Measured Move to 59. From there the word got out, “Calling all trucks, this here’s the Duck, we’re about to go a-hunting bear.” Now Knight Transportation, $KNX, looks ready to join the convoy. A move over 18.25 breaks resistance and creates a target of 19.10-19.35. The RSI is bullish and rising and the MACD crossed positive, both
Knight Transportation, $KNX
support a move higher. As it gets rolling Heartland Express, $HTLD, is ready to join in as well. Now the only thing missing is eleven long-haired friends of Jesus in a chartreuse micra-bus. Heartland has a rising RSI about to turn bullish and a MACD that has crossed positive supporting it higher towards a breakout over 15.35. Above that and this convoy will roll across the market. The target higher stands at 15.85 and then the previous high from July.
Heartland Express, $HTLD
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Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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