NSC dominated by bulls lifting the market higher throughout the day
Norfolk Southern Corporation (NSC) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, NSC ended the month -1.53% lower at 175.57 after gaining $2.89 (1.67%) today, slightly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 173.00, the share confirmed its breakout through the prior session high after trading up to $3.93 above it intraday.
Daily Candlestick Chart (NSC as at Jun 30, 2020):
Tuesday's trading range has been $5.03 (2.92%), that's slightly below the last trading month's daily average range of $5.69. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for NSC.
One bullish candlestick pattern matches today's price action, the White Candle.
Norfolk Southern managed to close back above the 50-day moving average at 173.79 for the first time since June 23rd. When this moving average was crossed above the last time on June 23rd, NSC actually lost -3.06% on the following trading day.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Norfolk Southern. Out of 244 times, NSC closed higher 57.79% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.07% with an average market move of 0.82%.