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

By David Diaz

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. Today's price range of $112.53 and $113.28 is within yesterday'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 Corporation provides rail transportation services. The Company transports raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, via interchange with rail carriers, to and from the rest of the United States. Norfolk Southern also transports overseas freight through several Atlantic and Gulf Coast ports

Norfolk Southern share prices have moved between a 52-week high of $125.00 and a 52-week low of $64.51 and are now trading 75% above that low price at $112.98 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.5%.

Norfolk Southern (NYSE:NSC) has potential upside of 6.6% based on a current price of $112.98 and analysts' consensus price target of $120.44. The stock should discover initial support at its 50-day moving average (MA) of $82.38 and subsequent support at its 200-day MA of $81.04.

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 inside day candle Norfolk Southern

Ticker(s): NSC