Gentleman Start Your Engines!
- Posted by Greg Harmon
- on June 18th, 2012
Trucking companies have been a enigma lately. The price of crude oil has fallen from over 106 to a base between 81-84 yest they have not moved much. What gives? They are supposed to be inversely correlated to oil prices. Ah, but wait, that is only valid if there is a robust economy looking for shipping. Friday last week JB Hunt, $JBHT, started to break out and it shifted into another gear
JB Hunt, $JBHT
Monday. The chart below shows that there is possibly another $2 in the break out move before reaching the target and with no resistance above it could run quite a bit if the market keeps moving higher. But there is another trucking company that has its engine revved and is ready to move out. Con-Way, $CNW, is rolling thorough its resistance at 35.70 Monday. It has a target of 38.90 on its
break out move. Like $JBHT, the Relative Strength Index (RSI) is bullish but it has a lot more room to move higher before being technically overbought. And the next driver getting into the cab and starting the engine might just be Knight Transportation, $KNX. Finding support at the extension of the previous resistance zone it is moving higher with a RSI trending higher and a Moving Average Convergence Divergence (MACD) indicator that is supportive of more upside. A move over 17.25 puts this stock into overdrive.
Knight Transportation, $KNX
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
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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