Union Pacific Gets Highball Signal

Union Pacific (UNP) was last in the roundhouse at the end of April, when I wrote that, "This is an interesting juncture for a technical analyst. We have a weak looking daily bar chart and a bearish Point and Figure chart, yet our weekly bar chart is overall positive. The best course of action for me is to wait for a strong close above $140 looking for gains to the $160-$165 area." UNP has closed above $140 for our buy signal so let's check the charts again to keep us on track.

In this daily bar chart of UNP, below, we can see how prices have closed above the highs of February, March and April. The slope of the 50-day moving average line is positive and the longer-dated 200-day average line is bullish. The daily On-Balance-Volume (OBV) line has been trending higher the past twelve months and tells us that buyers of UNP have been more aggressive. The Moving Average Convergence Divergence (MACD) oscillator has turned up with the price action and is giving us an outright go long signal....111 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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