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Possible Bearish Inside Day Candle Pattern Detected for Norfolk Southern (NYSE:NSC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Norfolk Southern (NYSE:NSC) based on the price action in the company's shares. Yesterday's price range of $176.23 and $178.45 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Norfolk Southern may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Norfolk Southern share prices have moved between a 52-week high of $211.46 and a 52-week low of $138.65 and closed yesterday at 29% above that low price at $178.54 per share. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 0.3%.

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. The company transports industrial products, including chemicals, agriculture, and metals and construction materials; and coal, automobiles, and automotive parts.

Norfolk Southern (NYSE:NSC) defies analysts with a current price ($178.54) 12.5% above its average consensus price target of $156.23. The stock should hit resistance at its 200-day moving average (MA) of $184.21, as well as support at its 50-day MA of $175.99.

SmarTrend is monitoring the recent change of momentum in Norfolk Southern. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Norfolk Southern in search of a potential trend change.

Keywords: bearish am inside day candle Norfolk Southern

Ticker(s): NSC