NSC rises to highest close since June 5th
Norfolk Southern Corporation (NSC) Technical Analysis Report for Aug 05, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, NSC ended Wednesday at 193.06 edging higher $0.67 (0.35%) on low volume, slightly underperforming the S&P 500 (0.64%). Today's close at 193.06 marks the highest recorded closing price since June 5th.
Daily Candlestick Chart (NSC as at Aug 05, 2020):
Wednesday's trading range has been $2.52 (1.3%), that's far below the last trading month's daily average range of $4.69. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NSC.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on July 21st, NSC actually gained 1.02% on the following trading day.
Prices are trading close to the key technical resistance level at 193.78 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Trading close to June's high at 200.55 we could see further upside momentum if potential buy stops at the level get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Norfolk Southern. Out of 120 times, NSC closed higher 50.83% of the time on the next trading day after the market condition occurred.