Our member “tehdvd” inside 12631 noted Union Pacific is back down to its 200-day moving average.
We noted the potential topping out pattern previously. Clearly, UNP has been lagging the other main transports, namely the recent jaw-dropping rallies in FDX UPS.
To my eye, a weekly close below $150 confirms the topping pattern. As we have seen this year, many bears trap have been sprung just when major stocks looked ready to break down. The 200-day moving average is a major test as well.
So I think Union Pacific is at a huge crossroads, but the action below $150 today is concerning.
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