Crude Oil is Down So Let’s Hit the Road

Commodities, Metals and Agriculture have been all the rage lately and where the fast money has been playing. But with the steep drop in Crude Oil prices there are some boring old staid sectors, namely air freight, transport and trucking, that stand to benefit sooner than others. Here are three stocks that saw some love Thursday and are now set up to run further.

FedEx, ticker: $FDX

FedEx bounced solidly off of the long term support/resistance at 92.50 and had a quick test of the 96 resistance area. Above 96 it can run to resistance at the previous high at 98.39 and then a target of 99.50 and 104.5 above that. The Relative Strength Index (RSI) sloping up and the increasing volume on Thursday’s candle bode well for continuation.

Knight Transportation, ticker: $KNX

Knight Transportation has been basing at 17.82 for a couple of weeks and showed signs of breaking that base higher with a strong candle on large volume. It has very good support higher from a rising RSI and a Moving Average Convergence Divergence (MACD) indicator that that is about to cross positive. Over 18.15 KNX has some resistance at 18.31 and then 18.76 and the Simple Moving Averages (SMA) and 19.42, previous resistance.

Old Dominion Freight Line, ticker: $ODFL

Old Dominion Freight Line gapped higher last week and has been leaking lower ever since. Thursday it held support at at the gap up level and moved higher. If it continues then there is resistance at 38.32 before a first target on a Measured Move (MM) to 40.40. The rising RSI also supports more upside.

As always you can see details of individual charts and more on my StockTwits feed and on chartly.)

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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.

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