Old Dominion Freight Line (NASDAQ:ODFL) traded in a range yesterday that spanned from a low of $38.70 to a high of $40.94. Yesterday, the shares gained 5.79%, which took the trading range above the 3-day high of $39.22 on volume of 1.4 million shares.
Shares of Old Dominion Freight Line are currently trading above their 50-day moving average (MA) of $35.74 and above their 200-day MA of $32.08. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of Old Dominion Freight Line and our subscribers were alerted to Buy on June 14, 2010 at $36.74. The stock has risen 9.5% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $39.22 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Trucking industry.