Look Quickly, Swift Transportation is Ready to Drive Higher

• Posted by Greg Harmon
• on July 13th, 2016

Transportation stocks have been in the dumper for a long time. I noted this morning how that looks like it might be changing here. One of the worst ares in this space has been trucking. Knight Transportation ($KNX) has been a leader in turning around out of its stock slump. But the recovery has been a slow grind. Today it looks like it may get some company.

Swift Transportation ($SWFT) finally found a bottom in January and had a promising bounce. that stalled quickly as it moved into February, and the stock moved sideways for 3 months. It retraced 61.8% of the bounce on a pullback in to May and then found support. Since May it has been moving sideways ion a channel between 14.35 and 17.35. As it has consolidated the SMA’s have all come together. This often precedes a move in a stock price. The 20, 50 and 200 day SMA are all within a 8 cent range going into Wednesday’s close.

The price action has been strong. Into Wednesday’s close it is printing a bullish Marabou candle and pressing on the top of the range. The RSI is making a higher high and the MACD is crossed up, positive and rising. Even the Bollinger Bands® are opening to the upside to allow the price to move higher. All it needs now is a close over 17.35. Keep an eye on it. Blink and it might move too swiftly for you to catch it.

Want to learn more about Dragonfly Capital Views?
Dragonfly Capital Views Performance Through June 2016 and sign up here.

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

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