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

By James Quinn

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 $206.71 and $208.81 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 (NYSE:NSC) defies analysts with a current price ($204.80) 23.7% above its average consensus price target of $156.23. The stock should find initial support at its 50-day moving average (MA) of $194.31 and further support at its 200-day MA of $190.52.

In the past 52 weeks, shares of Norfolk Southern have traded between a low of $160.19 and a high of $211.46 and closed yesterday at $204.80, which is 28% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

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

SmarTrend recommended that subscribers consider buying shares of Norfolk Southern on January 7th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $196.43. Since that recommendation, shares of Norfolk Southern have risen 6.6%. We continue to monitor NSC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Norfolk Southern

Ticker(s): NSC