Yesterday afternoon, leading railroad stock Union Pacific Corp (UNP) was trading lower by $1.78 to $132.99 a share. This stock has been soaring with the major stock indexes since November 16, 2012 when the stock was trading as low as $116.06 a share. So traders can easily see that the stock is very overbought on the daily charts. This tells us that a pull back at this time is somewhat overdue. The daily chart of UNP shows very good support around the $125.00 area. Short term traders should watch for intra-day support on UNP stock around the $132.30, and $131.75 levels. Traders can watch for short term intra-day bounces around both areas.
Some other leading railroad stocks that are coming under selling pressure today include Genesee & Wyoming Inc (GWR), Canadian National Railway (USA) (CNI), and CSX Corporation (CSX). It is important to also note that the Dow Jones Transportation Index is also stalling out today.
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Union Pacific Corp. Falls Off Track
Published 01/29/2013, 12:37 AM
Updated 07/09/2023, 06:31 AM
Union Pacific Corp. Falls Off Track
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