The Railroads are Chugging Along
- Posted by Greg Harmon
- on August 20th, 2012
Railroad stocks have been building up steam on the daily charts, and the weekly charts are now setting up as well. Take a look.
CSX, $CSX, has been riding higher with uptrending resistance, touching the levels reached as support in April through July 2011. The rising wedge is complemented by a Relative Strength Index (RSI) that is rising and turning bullish with a Moving Average Convergence Divergence indicator (MACD) that is positive and growing. A move over the wedge sees resistance next at the highs at 26.42 from July 2011.
Kansas City Southern, $KSU
Kansas City Southern, $KSU, is back at resistance at78 after a pullback. It also has a strong and bullish RSI and a MACD that is bullish and rising. Both support a break higher.
Norfolk Southern, $NSC
Norfolk Southern, $NSC, is making a triple top near 75 with a bullish RSI and a MACD that positive. A move over 75 now carries a Measured Move to 86.50.
Union Pacific, $UNP
Union Pacific, $UNP, has been moving higher against uptrending resistance since January 2011. More recently the rising support has been lifting it up as well. The RSI is bullish and the MACD is positive, both supporting further upside. A move over 125 has a Measured Move to 131.
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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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