Major Dow Jones Transportation Average Union Pacific was my mystery chart from Sunday morning.
On the first chart, the monthly shows a quite steep angle of ascent for the largest publicly-traded rail. July and August saw some topping tails on the monthly candles. Even with the recent pullback, as you can see on the second chart of the daily timeframe, the stock remains vulnerable to further weakness. Note the bearish volume pattern as price wedged up below its declining 50-day moving average last week.
I still think the major rails (namely CP) continue to be vulnerable on all timeframes here.
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