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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Norfolk Southern (NYSE:NSC) based on the price action in the company's shares. Yesterday's price range of $86.00 and $87.63 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. Traders and investors interested in shares of Norfolk Southern may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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

In the past 52 weeks, shares of Norfolk Southern have traded between a low of $64.51 and a high of $104.58 and closed yesterday at $86.24, which is 34% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has remained constant.

Norfolk Southern has overhead space with shares priced $86.24, or 3.5% below the average consensus analyst price target of $89.40. Norfolk Southern shares have support at the 50-day moving average (MA) of $82.38 and additional support at the 200-day MA of $81.04.

SmarTrend recommended that subscribers consider buying shares of Norfolk Southern on February 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $72.67. Since that recommendation, shares of Norfolk Southern have risen 18.3%. We continue to monitor NSC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle Norfolk Southern

Ticker(s): NSC